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Sunday, June 01, 2008

Chinese Exports

Chinese export growth has slowed, but the real story is the sharp MoM drop in new orders:
The Purchasing Managers' Index fell to 53.3 from a record 59.2 in April, the China Federation of Logistics and Purchasing said today in an e-mailed statement.

Weaker expansions in economies around the world are cooling demand for made-in-China goods, leading the central bank to last week forecast a ``moderate'' slowing of economic growth this year.
...
The index of export orders fell to 53.4 from 58.9. The index of new orders declined to 55.4 from 65. The output index dropped to 55.7 from 66.5.
The article doesn't discuss the impact of the quake. China has had a very tough time this year. The extreme harsh blizzards hurt them in the spring, and the quake is a disaster that seems to keep inflicting blows. However the big drop in export orders shouldn't have much to do with the domestic situation. The very large drop in the output index might be partly the result of the disaster.

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