China’s trade flattens
China's export growth has slowed almost to a halt as trade figures start to reflect the full impact of the September 11 terrorist attacks on the US.
Exports inched up just 0.1% year-on-year to US$22.79 billion in October, according to state news agency Xinhua. By comparison, exports in September had grown by 4.4% and an impressive 9.6% in August.
Analysts had expected a further decline in the growth rate last month, as the full impact of the terrorist attacks on the US was factored in for the first time.
Imports fell 0.2% year-on-year to US$18.9 billion in October, the first time China's imports had contracted since December 1999.
In the first 10 months of the year, exports rose 6.1% year-on-year and imports were up 10%. The trade surplus, however, plunged 25% year-on-year to US$17.33 billion.
