Again, China was the missing piece… Amid a dramatic, and global trend, China was resisting better… In december, exports decreased by only 2,8 %, while all other asian exporters were crunched (read here)… and Thailand too.
But this resistance seems to be short-lived.
China’s exports fell by the most in almost 13 years as demand dried up in the U.S. and Europe, worsening the outlook for jobs and industrial production in the world’s third-biggest economy.
Shipments declined 17.5 percent in January from a year earlier, the customs bureau said on its Web site today, after falling 2.8 percent in December. […]
Imports declined 43.1 percent in January from a year earlier, the biggest decline since Bloomberg data began in 1995, on the nation’s waning demand for raw materials for manufacturing and lower commodity prices. The trade surplus was $39.11 billion, the second-highest on record. (Bloomberg)
What about january ? We had a first glimpse with the data of South Korea (-32,8 % for exports ! read here)… But with the results from China, it’s now a certainty : the month is going to be ugly. For all.
And the drop of thai exports is going to intensify. China is a major trade partner for Thailand (chart here).
No escape. No miraculous “stimulus” effect. No Abhisit-dressed-like-the-Virgin-Mary gospel. No effects from the inane economic policies of his government (a mere delaying effect maybe).
We are in deep shit.