China Trade Surplus Falls

123jump.com Staff
13 Jan, 2009
New York City

Exports from China declined 2.8% to $111.2 billion and imports declined 21.3% to $72.2 billion. For the year 2008, total international trade rose 17.8% to $2.56 billion, but the exports and imports are expected to slow sharply in the first half of the year.

[R]6:00AM New York, 6:00PM Hong Kong - China’s exports decline 2.8% to $111.16 billion in December.[/R]

Hong Kong stocks slumped on the weaknesses in commodity stocks on the signs global demand is slowing on a deepening global recession.

In Hong Kong trading Hang Seng Index fell 2.2% or 302.95 to 13,668.05, and the China Enterprises Index of Hong Kong listed mainland shares, or H shares, declined 3.2% or 230.70 to 7,080.53. In Shanghai trading CSI 300 Index plummeted 2.3% or 44.50 to 1,876.18.

China’s Exports Dropped 2.8% to US$111.16 billion

Xinhua News Agency reported today that the General Administration of Customs said the country’s exports declined 2.8% year-on-year to $111.16 billion in December, while imports declined 21.3% to US$72.18 billion.

Exports had dipped 2.2% on the year in November. The trade surplus eased to $38.98 billion in December compared with US$40 billion.

On the overall, total trade in 2008 edged up 17.8% to $2.56 trillion a year ago.

Beijing GDP Per Capita Rises to $8,000

Peoples Daily Online reported today that Beijing saw it gross domestic product soar 9% from a year earlier to Rmb1 trillion, and the average GDP per capita increased to $8,000.

The report notes that according to the standards for measuring a nation’s level of wealth of the United Nations, a GDP per capita of $8,000 shows that a country has met its medium and highly developing countries.

Separately Shanghai mayor Han Zheng said the city is targeting to increase economic growth of 9% this year.

China Will Not Cut Fuel Prices

China Daily reported today that the National Development and Reform Commission said it will not lower prices further as the current adjusted retailing prices are more or less on par with the $80 to $90 a barrel manufacturing cost after refining by China''s oil enterprises.

“We have no plan to readjust the retailing prices as the present prices are well reflected in the cost,” the NDRC was quoted as saying.

Gainers & Losers

Commodity stocks slipped after metal prices plunged on fears that demand will continue to fall as the global recession intensifies.

Aluminum Corp fell 6% to HK$3.89 after the largest aluminum company in the world based in the U.S., Alcoa Inc. reported its first quarterly loss in six years and a decline in sales of 19%.

Jiangxi Copper Co. plummeted 7.1% to HK$5.64 after copper futures dropped 5% on the Shanghai Futures Exchange.

Energy stocks fell after crude oil prices declined $2.90 to $37.90 per barrel. Cnooc Ltd. shed 3% to HK$6.89 and PetroChina Co. dipped 3.9% to HK$6.42.

China Singyes Solar Technologies Holdings climbed 12% to HK$1.18 after saying that it will raise HK$28 million through its public offering to finance projects in China and overseas.