China exports at lowest level in a decade

[FT News]

Chinese exports and imports slumped in January for the third month in a row, underlining how badly the world's third-largest economy has been hit by the global financial crisis.

Chinese exports dropped 17.5 per cent in January compared with the same month the year before, the biggest decline in more than a decade as the impact on the economy from the global slump gathered pace.

Imports to China declined by a dramatic 43.1 per cent in a further indication of sharply lower demand in the Chinese economy over the last few months which has caused unemployment to soar.

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