“…A sharp drop in Chinese imports – a gloomy outlook for global oil demand – and a burgeoning US trade deficit-
- combined to fan growing fears over a deteriorating global economy.
Signs that demand was slowing in China raised concerns for nations relying on exports to grow out of the economic crisis.
There was a further blow when the International Energy Agency (IEA) cut its oil demand forecast for a sixth consecutive month, citing a weak global economy.
China said its imports fell in January at the fastest annual pace since the lowpoint of the global financial crisis in 2009.
At the same time its exports fell – putting in their worst performance for more than two years.
As wrangling continued over a solution to Greece’s problems – there were signs that the eurozone crisis and the knock-on effect on demand was hurting Chinese exporters.
Their sales to the European Union suffered the first annualised fall for almost a year.
Exports to the US put in their worst performance for a year as growth slowed markedly.
However, it was the fall in imports that exercised market traders.
Many countries, including the UK, have been pinning hopes on robust Chinese demand to boost exports and offset weak demand in domestic and developed markets…”
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Chinese imports dip shakes markets | World news | The Guardian.
