2008-11-12 Exports still rising, but pace slows
Exports continue to rise although growth has slowed because of the global economic downturn, according to Customs figures released on Tuesday.
Exports reached $128.3 billion in October, up 19.2 percent year-on-year, but down from the 21.5 percent increase for September and the 22.3 percent rise for the first three quarters of the year.
Experts say the data show that the fundamentals of the export sector are still good, but estimate that growth may drop in the coming months as the financial crisis spreads to the wider economy, and from developed economies to emerging ones.
October data show that exports are "still quite healthy considering the macro economic environment," said Gene Ma, a macro economic analyst with China Economic Business Monitor.
Despite weak demand from developed countries, the US in particular, trade with emerging economies has increased rapidly, according to the statistics.
Exports to the US rose by only 11.4 percent last month, but exports to Brazil spiked over 86.8 percent, and India, 39.8 percent.
Exports of mechanical and electrical products amounted to $693 billion for the first 10 months, a robust increase of 23.2 percent.
But exports of traditional products like garments and accessories increased only 2.8 percent year on year.
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