Tuesday, December 16, 2008

Foreign trade in Guangdong falls nearly 13% in Nov

Foreign trade in Guangdong province fell to US$53.35 billion in November, representing a year-on-year decrease of nearly 13%, sources reported, citing statistics released by the local customs.

The total foreign trade in the southern province during the first 11 months this year totaled US$631.12 billion, up 10% from a year earlier. However, it is estimated that the foreign trade growth of Guangdong for the entire year of 2008 can hardly hit the target of 10% if the foreign trade keeps declining this month.

The decline is mainly due to the traditional labor-intensive industries, which have been hit greatly by the global financial crisis, said industry insiders, adding that orders of textile products from overseas markets have decreased 30-40% year on year during the month.

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