We’ve been anticipating this for a long time. AP:

Exports fell 17.5 percent in January from a year earlier, according to customs data reported Tuesday. Imports fell even faster, plummeting 43 percent as Chinese factories bought less foreign raw materials and consumer demand weakened…

Exports of machinery and electrical goods fell sharply in January. Shipments of Chinese-made motorcycles plunged 32.7 percent and those of electric motors 28.4 percent. Sales of toys were down 14.7 percent and those of textiles 12.3 percent. The Linxing Timber Co., a furniture exporter in the eastern city of Yantai with 150 employees, has seen orders fall 40 percent over the past year

Once again the conventional wisdom of the very recent past has been proven dead wrong. Question: is “catastrophe” the conventional wisdom today?

This entry was posted on Wednesday, February 11th, 2009 at 3:44 pm and is filed under China, Democrats, Republicans, business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.