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China's imports and exports tumble
BEIJING, China (CNN) -- Chinese exports plunged 25.7 percent, to $64.90 billion, in February compared with the previous year, the government reported Wednesday, as the once-white hot economy fell victim to the international economic downturn.
Imports dropped as well, falling $60.05 billion in February, or 24.1 percent, from year-ago levels, according to China's General Administration of Customs.
Beijing had already reported on Tuesday that slumping consumer demand had pushed China's consumer and producer price indices into negative territory in February.
Consumer prices fell 1.6 percent for the month, compared with a year ago, while the producer price index dropped 4.5 percent from a year earlier, state-run Xinhua news agency reported.
The numbers are indicators of inflation at the retail and wholesale levels, which means average prices are falling across China.
Lower prices can be good news for consumers. But in times of recession or economic slowdown, they are also a sign that demand has fallen and producers have had to lower prices to sell their products.
China had seen double-digit growth since 2001 as consumers worldwide bought Chinese goods. However, exports were hit hard starting in late 2008 because of the global economic crisis.
BEIJING, China (CNN) -- Chinese exports plunged 25.7 percent, to $64.90 billion, in February compared with the previous year, the government reported Wednesday, as the once-white hot economy fell victim to the international economic downturn.
Imports dropped as well, falling $60.05 billion in February, or 24.1 percent, from year-ago levels, according to China's General Administration of Customs.
Beijing had already reported on Tuesday that slumping consumer demand had pushed China's consumer and producer price indices into negative territory in February.
Consumer prices fell 1.6 percent for the month, compared with a year ago, while the producer price index dropped 4.5 percent from a year earlier, state-run Xinhua news agency reported.
The numbers are indicators of inflation at the retail and wholesale levels, which means average prices are falling across China.
Lower prices can be good news for consumers. But in times of recession or economic slowdown, they are also a sign that demand has fallen and producers have had to lower prices to sell their products.
China had seen double-digit growth since 2001 as consumers worldwide bought Chinese goods. However, exports were hit hard starting in late 2008 because of the global economic crisis.
