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Shanghai Customs reports biggest monthly foreign trade fall in seven years

(Xinhua)
Updated: 2008-12-16 10:32

The Shanghai Customs on Monday reported that November saw the biggest monthly fall in foreign trade since 2001, as the effects of the global financial crisis continued to be felt.

Exports and imports via the customs fell by 9.7 percent year-on-year in November to reach 45.4 billion U.S. dollars, as compared to an average of over 50 billion U.S. dollars from January to July.

The customs, nearly one fourth of China's foreign trade, witnessed exports decrease by 2.4 percent in November to 31.4 billion dollars, as compared to a robust growth of 20.8 percent in October.

Imports registered a sharp fall of 22.8 percent to 13.98 billion dollars in November, as compared to a year-on-year increase of 7 percent a month before, said the customs.

It said that exports via Shanghai to America, the epicenter of the global financial crisis, were down by 8.2 percent in November, as compared to an averaged increase of 14.6 percent in the first ten months.

The customs attributed the sharp fall in export to the shrinking demand by foreign-invested firms in China, whose exports constituted two third of the total throughput.

The exports reduced by 6.1 percent in November, reversing a strong rising momentum in the first ten months, when the averaged growth rate was 22.9 percent.