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China's slowing slump in exports lifts hopes
02.07.09
Exports from China fell again in June but the decline was less severe than in May raising hopes of a recovery in world trade.
China's deputy commerce minister Chen Jian today said figures next week will show the pace of decline eased last month after a shocking slump in May.
Exports in May fell by a record 26.4% from the same month in 2008 while imports were also down 25.2%.
"The basic idea I can tell is from January to June, the trade data fell year-on-year, but in June the decline narrowed. Some individual products rebounded," Chen said.
The World Bank raised its 2009 economic growth forecast for China from 6.5% to 7.2% last month. Private-sector economists also have raised their growth forecasts.
Optimism about the economy helped to boost China's main stock index by 62.5% over the first half of the year.
