Global Slowdown – 70% Of China’s Export Partners Saw Orders Plunge

Friday, May 3, 2013
By Paul Martin

by Tyler Durden

We discussed previously the slowing of the global economy and the drag on global trade and it appears that despite some hope-ridden headline data from China, things are definitely troubling under the surface. As Bloomberg Brief’s Michael McDonough notes, while superficially, export growth was a rare bright spot in the first quarter, it may have been exaggerated by exporters inflating invoices. Excluding exports to Hong Kong, March’s export growth would have fallen 4.8 percent year-on-year compared with the reported 10 percent. China’s exports to 14 of its top 20 trading partners declined in March year-on-year. Tepid global demand may continue to weigh on China’s exports and domestic economy – and in its vicious cycle manner, feed back into global growth (and stain the US ‘clean’ shirt).

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