Posted BY: Bill | NwoReport

In Wenzhou, it’s not that 80% of shoe factories are without business, but rather 99% of them are without orders. Many owners have said that if they don’t receive more orders, they’ll be forced to close down the shop.

A friend of mine in foreign trade used to have 800 containers a year, but now only have over 100. Another friend who runs a factory has seen their orders shrink by 90%, leaving only 10% left. Meanwhile, a company exporting to Singapore has been impacted as well, directly cutting 50% of its staff to cope with the current crisis.

These are the real situations facing owners in China’s foreign trade enterprises. We have also reported many times before that since the beginning of this year, ports in Shanghai and Shenzhen have been piled high with empty containers. Many foreign trade owners are struggling without orders, and have had to give their workers time off or even shut down factories outright. However, the data released by the Chinese government from January to April showed that China’s foreign trade was still growing. Moreover, there is a large discrepancy between the foreign trade import and export data published by the Chinese government and that released by countries like Vietnam, leading us to suspect data fabrication.

On June 7, China’s General Administration of Customs released the import and export data for May. Valued in US dollars, China’s exports in May were $283.5 billion, a year-on-year decrease of 7.5%, far higher than the market expectation of a 0.4% decline.

This ended China’s trend of positive export growth for two consecutive months since March this year. Imports in May were $217.69 billion, down 4.5% year-on-year. The trade surplus was $65.81 billion, a 16.1% year-on-year decrease. Why did China’s imports and exports fall so much in May? Economists have analyzed that poor export performance reflects a global decrease in demand for Chinese goods. Poor import performance is likewise, as China imports parts and materials from other countries to assemble finished products for export. Notably, the import of integrated circuits, including chips, fell 19.6% year-on-year. Economist Si Ling stated that the latest data shows that China has lost its position as the world’s factory. Macroeconomic controls can’t stop the downturn, and even a significant devaluation of the renminbi fails to stimulate imports and exports. This is likely to impact China’s overall economic growth for the year.

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