China exports tumble at fastest pace since 1998
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China's exports contracted at the fastest rate in more than a decade in January from a year earlier, while imports fell by an even wider margin, indicating further layoffs and output cutbacks could be in store for the world's third largest economy.Exports declined 17.5% to $90.45 billion after declining 2.8% in December, according to data released Wednesday from the General Administration of Customs. The decline was the biggest in percentage terms since October 1998, according to calculations by J.P. Morgan.
Imports retreated 43.1% to $51.34 billion, following a 21.3% decline in the previous month.
Analysts said the figures misrepresent the true trade picture because of the annual Chinese New Year holiday, the most important on the Chinese calendar, which fell in late January.
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