As someone said back on December 14: Dear China, Thanks For All The Stuff But I Think We're Good For Now (U.S. imports plummet)
From CNBC, August 8:
- China reported trade data for July that showed a worse-than-expected drop in imports and exports.
- The drop pointed to falling demand overseas and in China.
- Among the few higher-value export categories that saw a significant increase in the first seven months of the year were cars and suitcases.
China said Tuesday that exports fell by 14.5% in July from a year ago, while imports dropped by 12.4% in U.S. dollar terms.
That’s worse than what analysts had expected.
A Reuters poll predicted a 12.5% decline in exports in July from a year ago, in U.S. dollar terms. Imports were expected to have dropped by 5% during that time, according to the poll.
China’s exports to the U.S. plunged by 23.1% year-on-year in July, while those to the European Union fell by 20.6%, CNBC analysis of customs data showed. Exports to the Association of Southeast Asian Nations fell by 21.4%, according to the data.
China’s imports from Russia fell by 8.1% in July from a year ago, the data showed.
A slowdown in U.S. and other major economies’ growth has dragged down Chinese exports this year. Meanwhile, China’s domestic demand has remained lackluster....
....MUCH MORE
And December 4: "Chinese factories are shutting down two weeks earlier than usual ahead of Chinese New Year"
It really is starting to appear that China could see a recession* caused by slowdowns in their Western customers' economies.It's only recently that we've started thinking the previously unthinkable..."
