China's trade slump worsens
13-01-2009
China's trade slump worsened last month as exports fell at their fastest rate in a decade, aggravating a decline that has fueled a wave of layoffs and fears of unrest. Government figures show that exports fell 2.8 percent from the same month last year, after a 2.2 percent decline in November. Based on the data, China's global trade surplus for 2008 would rise 12.3 percent from the previous year to a record of US$294.7 billion, possibly worsening trade tensions with the new government of US President-elect Barack Obama. The slump in global sales has forced thousands of mainland factories to close.
