China reports rare trade deficit as imports jump
Source: AP-Excite
By JOE McDONALD
BEIJING (AP) - China reported its biggest monthly trade deficit in at least a decade in February as imports rebounded after a Lunar New Year holiday slowdown, but a broader measure showed global and Chinese demand both weakening.
Exports grew 18.4 percent over a year earlier to $114.5 billion, up from a 0.5 percent contraction in January, when factories were idled for a two-week holiday break, customs data showed Saturday. Imports jumped 39.6 percent to $145.9 billion, reviving after the previous month's 15 percent decline.
China's global trade deficit was $31.5 billion - the biggest since at least the 1990s and a rare exception to a recent string of multibillion-dollar surpluses.
The deficit reflected China's relatively strong growth amid Europe's debt crisis and U.S. economic troubles. The economy expanded by 8.9 percent in the final quarter of 2011 and the government's growth target this year is 7.5 percent.
Read more: http://apnews.excite.com/article/20120310/D9TDK3PG0.html
In this photo taken Tuesday, Feb. 28, 2012, a truck transports a container to be loaded onto a ship at a port in Tianjin, China. China says its trade rebounded in February after a Lunar New Year slowdown but a broader measure gave clear signs both global and Chinese demand are weakening. Customs data Saturday, March 10, 2012 showed exports grew 18.4 percent over a year earlier, up from January's 0.5 percent contraction. Imports jumped 39.6 percent, up from the previous month's decline of 15 percent. (AP Photo/Alexander F. Yuan)
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Mostly higher oil prices, I wouldn't worry china, Iran will come through for you.
Who would build a factory in the US when you can get cheaper energy from coal fired plants without expensive pollution controls, and cheap coal from unregulated mines? Why deal with labor unions when labor organizers will be jailed in China? Minimum wage, yeah right. Children make great workers. OSHA, what's OSHA? EPA, don't make me laugh. Even the buildings are cheaper http://www.clb.org.hk/en/node/101050 thanks to cheap material made by workers like these. (notice the headline "Another slave labor..."
40 hour work week? Heck we gave that up in the US to be comparative a long time ago, I would be happy with a 60 Hr work week I could get some much needed sleep.
Ahh, the many benefits of globalization! Protectionism is a bad word dontcha know?
