China's export growth dips amid global economic slowdown

Asian Economic News, Nov 18, 2008

BEIJING, Nov. 11 Kyodo

China's export growth slowed last month, according to official figures released Tuesday, as the country's economy begins to feel the effects of the global economic slump.

Exports increased by 19.2 percent in October on the same month last year to $128.3 billion, Chinese Customs reported, compared with growth of 21.5 percent in September.

Although the country's trade surplus hit a monthly record of

$35.2 billion last month, a trade gap was partly created by a dip in the level of imports coming into China, an indication of falling domestic demand for goods and services.

Imports rose 15.6 percent in October on a year earlier to $93.1 billion, compared with growth of 21.3 percent in September.

China's National Bureau of Statistics reported earlier Tuesday that inflation eased to 4 percent in October on the year as the government's economic focus switches to trying to boost the national economy rather than tackling rising prices.

The government announced a $586 billion economic stimulus package over the weekend to help bolster the economy as manufacturers report falling demand abroad for Chinese-made goods amid the global financial slump.