Imports stagnant, exports grow: high franc pressures both
Source: Swiss Statistical Office, 22.11.11
BERN, SWITZERLAND – The Swiss trade balance for 2011 to date has ballooned by 10 percent compared to a year earlier, to CHF2.2 billion, October trade figures show.
The high franc continues to put pressure on prices, and exports continued to show slowed growth of 1.5 percent for the month, with export prices falling 7.3 percent.
Imports were stagnant at CHF14.9m, compared to exports of CHF17b, but prices slipped with imports as well, down 3.2 percent, with prices for goods down 2.6 percent.
The watchmaking, chemicals and machining industries grew, but their export growth hides the bigger picture, with most other industries showing continuing falling exports.
Swiss exports, imports (Source: Swiss Statistical Office, 20.10.11)
BERN, SWITZERLAND – Swiss exports and imports continued to expand in the first nine months of 2011, but with the rate of growth slowing down steadily and “losing strength” and reflecting the state of the world economy, the Swiss Statistical Office said Thursday morning in a press release.
Exports grew by 2.4 percent from January to September, CHF147 billion, with growth in the first two quarters but a decline in the third.
The growth was achieved despite falling prices, down 10.7 percent in real terms, although without including pharmaceuticals, prices fell by 7 percent.
Imports rose in the first nine months but by a weak 1 percent.
Switzerland showed a positive trade balance from January to September of CHF16.7b, a one-year 14.7 percent increase. A CHF17b surplus with Asia offset the CHF16.3b deficit with the European Union.
A bright spot: orders from Italy, France and Germany rose by 4 percent in September.
Funds to help companies cover the cost of partial unemployment
BERN, SWITZERLAND – The two houses of parliament have given the green light to government measures to fight the high franc, with the lower house Wednesday approving the Federal Council’s CHF870 million project.
The bulk of the funds will go to help companies cover the cost of partial unemployment that is likely to rise as exports fall. The unemployment fund is being allotted a ceiling of CHF500 from the package, money that may not be needed.
Smaller amounts target specific areas, such as innovative products in the tourism sector and transformed agricultural products.
Trade figures for August, released Wednesday, show exports down 4.1 percent and imports down 6.2 percent, although exports grew by just over 1 percent when figures are corrected for inflation. Exports have grown by 2.6 percent since the start of 2011, but the increase has relied on only three business sectors: watchmaking, machinery and electronics, metal-working.
The State Secretariat for the Economy lowered its GDP growth forecast Wednesday, to 1.9 percent for 2011 and 0.9 percent, from earlier projections of 2.1 and 1.5 percent respectively.
Update 11:30 NEUCHATEL, SWITZERLAND – Swiss exports were up 3.3 percent in July compared to a year earlier, despite the high Swiss franc, and imports were up 2.2 percent. The figures, adjusted for one fewer open day in 2011, nevertheless show a slowdown in growth. Only 3 of 10 industries showed gains: watches, machinery and electronics, metallurgy.
Watchmaking in particular outpaced the Swiss franc’s growth, with a 21.2 percent improvement over July 2010. Worst hit were the paper and graphic arts industries, down more than 13 percent.
“Yellow light” was the phrase used by the Swiss Customs Office in providing July export and import figures Tuesday 23 August, from the period when the franc’s strong growth against other currencies broke several records.
Switzerland had a trade balance surplus of CHF2.8 billion at the end of the period. Exports were CHF16.6 billion and imports CHF13.8b. Unadjusted figures for January to June 2011 show exports growing 3.6 percent to CHF116.9 billion.
There were significant prices cuts because of the high franc, 6.2 percent for exports, while imports were devalued by 1.8 percent.
Exports to China, Hong Kong and Australia were strong, but they also grew to the United States, by 3 percent, despite the weakening dollar. Exports to Europe were overall steady, but fell sharply to Portugal and Greece.
Imports were down overall except from Oceania and Asia, the latter mainly a sharp increase in gold for melting, from Vietnam. Imports from the US were down by one-quarter. Imports from Germany were flat but they were up 10 percent from the Czech Republic.
ZURICH, SWITZERLAND – ABB’s profits are up, but Roche’s are down, the Swiss competition commissioner says the low euro is showing that savings are not passed on to Swiss consumers, and exports are holding their own, just. The continuing strength of the Swiss franc coupled with the weakness of the euro is etching out a mixed picture for Swiss industry, with half-year results coming in this week.
The euro’s situation could well shift after European Union leaders meet Thursday afternoon 21 July to resolve the Greek debt crisis, with pundits and markets more optimistic since sparring partners France’s President Nicolas Sarkozy and Germany’s Chancellor Angela Merkel agreed on a way forward Wednesday night.
Exports up 4.6 percent in first six months, but slowing down in Q2, prices down
Exports by industry, nominal variations in %, comparison with previous year for June and Jan-June (click on image to view larger)
Switzerland had a trade balance surplus of CHF11.6 billion at the end of June, with exports for the first half of the year up 4.3 percent compared to a year earlier, and imports up 2.7 percent.
The figures hide a slowdown in the second quarter, attributable to the growing strength of the Swiss franc during that period, says Bern: only three industries saw growth and prices were down by 4 percent excluding the pharmaceutical industry and 6.6 percent including it.
Demand for Swiss products and services from Asia were strong, up 14.4 percent, while European orders were stagnant at 0.9 percent; the same held true for imports, with some surprises. Despite the weak dollar, imports from the United States were down 10 percent and from Canada down 25 percent.
GENEVA, SWITZERLAND – Geneva should know by October if the world’s three dangerous substances conventions will share one secretariat under one roof in Geneva and combine some of their activities, with the goal of more closely coordinating their work.
Rotterdam, Stockhom and Basel Conventions could be managed together from Geneva
The Fifth Conference of the Parties to the Rotterdam Convention, which regulates the export of dangerous chemicals and pesticides, gets underway in Geneva Monday with the proposed change high on the agenda.
The conference runs 20-24 June.
The Stockholm Convention, known as Pop (regulates persistant organic pollutants), approved the move in April 2011 and the Basel Convention ends its negotiations on the change in October 2011. The Basel Convention regulates the transboundary movement of hazardous wastes and their disposal. All three organizations are based in Geneva.
Four new dangerous chemical substances to be reviewed for global Pic list
The group’s other key discussion is the review of four new substances. The group will decide if they should be added to the world’s list of 40 dangerous substances.
Switzerland is in favour of adding the four new substances to the Pic (Prior Informed Consent) list, the popular name for the Rotterdam Convention, under which the exporting nation agrees to provide all necessary information on the dangers to human beings and the environment to the importing nation, for any dangerous substance.
GENEVA, SWITZERLAND – Chinese government figures released Tuesday 17 May show that the European Union region, which includes Switzerland, has replaced Japan as the top source for imported goods. The figures cover the first four months of 2011, reports Xinhua news agency.
Trade between the two was $170 billion from April to January, a 23 percent increase, while imports from Japan fell sharply in the weeks following the earthquake that hit the country in March. Figures from the European Commission show trade growing strongly between the EU and China in 2010, with EU exports up 38 percent and imports from China up 31 percent. China is the EU’s largest import source and its second largest trading partner, after the US.
Both show trade figures while mentioning trade tensions, particularly over subsidies.
Source: SECO, Switzerland (click on image to view larger)
Bern, Switzerland (GenevaLunch) - Swiss Piranha tanks were used by Saudi Arabia in putting down protests in neighbouring Bahrain in mid-March, the Swiss Office for the Economy (Seco) confirmed Sunday 27 March to news agency ATS.
The tanks, on wheels, were made by Mowag in Kreuzlingen, canton Thurgau. Some 30 were sold to the Saudi government in the 1990s, Seco figures show.
Switzerland sold arms to Saudi Arabia for a number of years but stopped approving them in 1991 during the Gulf War and again in 2009, when the Swiss also banned sales of arms to Egypt and Pakistan.
Deals made before the bans are allowed to go ahead.
Switzerland stopped sales to the three countries, it said, because of extensive human rights abuses, and the government is making a push for greater transparency.
Swiss arms sales total CHF200-400 million a year, relatively small. The US Congress In November 2010 approved $60 billion in arms sales to Saudi Arabia alone.
Amnesty International has harshly criticized Switzerland for its role in delivering arms used by Saudi Arabia in Bahrain. The group called on countries meeting 28 February in New York, to renegotiate the Arms Trade Treaty, to “to ensure no weapons or munitions are sold to human rights abusers”.
Links to other sites: ATS/24 Heures, GenevaLunch report on Swiss arms sales, Feb 2011 and Amnesty International video on arms control “free-for-all”
Philipp Hildebrand, president, Swiss National Bank
Bern, Switzerland (GenevaLunch) - The case of Switzerland will give economists material to mull over, with Swiss exports showing a surprising leap in February, increasing by 10 percent. The machine industry and electronics led the way, with 20 percent growth.
Imports grew, but more “timidly” says the federal government.
Switzerland now shows a positive trade balance of CHF2.5 billion, double what it was a year earlier, and this despite concerns about the strong franc in recent months.
Philipp Hildebrand, Swiss National Bank (SNB) president, speaking to a group of journalists in Geneva Tuesday noon qualified Swiss exports as “remarkably resilient” but he warned that the Swiss economy will eventually see growth slow down as a result of the impact of the Swiss franc. The SNB 17 March revised upwards to 2 percent its forecast for growth of the Swiss economy in 2011, cautioning at the time that growth will slow down by 2012 due in part to the strong franc.
Hildebrand points to three risk areas for the Swiss economy: the high Swiss franc, the uncertain situation in the Middle East and the problems created by the earthquake and tsunami in Japan.
Bloomberg reports Tuesday that the Swiss franc “gained 12 percent over the last year versus the euro, the currency of its main trading partner, eroding exporters’ competitiveness. Against the dollar, it reached a record 88.52 centimes per dollar on March 17.”
British NGO Reprieve has been tracking a UK company Dream Pharma that it says has exported enough drugs to four US states to kill more than 100 prisoners under American lethal injection death row programmes. Reprieve has started a debate in the European Parliament over the need to ban exports of such drugs to back up the parliament’s October 2010 resolution against capital punishment. The group says it has proof, from legal documents, that Dream Pharma supplied drugs used to execute Arizona prisoners and the drugs scheduled to be used in killing a prisoner in Georgia, USA 25 January.
Links to other sites: Death Penalty News, India Times, PR Newswire
The British economy is leaving analysts with plenty to discuss following publication 12 January of trade balance figures that show a widening gap and news that the Bank of England is keeping interest rates down. The difference between goods exports and imports grew to £8.74 billion from £8.59b, from October to November. “This was the biggest deficit since monthly records began in January 1980, and confounded expectations for the gap to narrow,” reports Reuters, noting that when “volatile” items such as oil and aircraft are taken out the news is more positive, with some evidence that the relatively weak pound is starting to help exporters.
The Bank of England will announce at noon UK time Thursday 13 January whether it will raise interest rates, but it is widely expected to keep them low, although futures rates are predicting a rise by late spring, from the record low of 0.5 percent. Growing inflation is likely to be a greater concern for monetary policy makers, given that the rate was above the targeted 2 percent during all of 2010 and appears ready to rise to 4 percent during 2011.
Links to other sites: Bank of England, Reuters, Telegraph
Strong trade with Asia, Latin America; watch and machining industries recovering
Swiss exports, November 2010, by industry, compared to November 2009 (source: Swiss Federal Statistics Office)
(video, Hublot watchmaking) Bern, Switzerland (GenevaLunch) – Swiss foreign trade improved in November 2010 compared to November 2009, with exports of CHF17.5 billion up 7.4 percent and imports of CHF15.6b up 11.3 percent, both in real terms, adjusted for inflation.
The trade balance, with a surplus of CHF1.9b, was 5 percent lower than in the same period a year earlier. The trade balance in October was more than 13 percent down from a year earlier, and in September 8 percent, indicating a closing gap as Swiss foreign trade rebounds from the global economic crisis.
Euro at record low against franc Monday
The news comes as the euro Monday 20 December reached an all-time low against the Swiss franc, dipping to CHF1.2636 at one point, report Dow Jones and Le Temps. The dollar was at CHF0.96 in trading Tuesday (Reuters chart, dollar/franc since October 2010).
For 2010 as a whole, rounded figures show that Swiss exports have risen 7 percent and imports 8 percent. The trade balance of CHF18.76 at the end of November was down 1.2 percent compared to 2009, for the year to date.
Watchmakers at Hublot in Nyon, part of a sought-after highly skilled group
The watch industry was the main driver in November, with a 30 percent increase in exports, well up from a year earlier. Metal-working, machining and electronic industries also showed good growth, but the clothing industry continued to perform weakly, with exports lower than a year earlier.
Le Temps reports 21 December that while the watch industry is hiring again, and more than 700 jobs are currently advertised in the Jura region which is the heartland of the Swiss watch industry, some of the companies are still struggling to recover.
Swiss aid group calls for Zimbabwe to be barred from Kimberly Process diamonds, cites State torture, child and forced labour
Geneva, Switzerland (GenevaLunch) – The Indian ministry of commerce is the latest to move against the Zimbabwe diamond trade, asking the country’s traders and jewelry exporters Thursday 9 December to “bide their time” until the Kimberly Process (KP), which certifies diamonds, clarifies Zimbabwe’s compliance, according to SouthWest Radio Africa. Monday the Swiss group Bread for All, a humanitarian alliance of the country’s Protestant churches, called for the Swiss market not to accept Zimbabwe diamonds, citing continued human rights abuse in the Marange diamond area. Switzerland imports $676 million in rough diamonds a year and exports close to $1 billion, in addition to its finished diamonds market.
India imports more diamonds than any other country in the world, based on 2009 KP statistics.
Zimbabwe was barred from KP trading in November 2009 because of alleged human rights abuses at its Chiadzwe mines in the east of the country. The KP’s 49-member group, of which Switzerland and India as well as Zimbabwe are members, ruled in July 2010 that Zimbabwe could resume limited exports, following a visit by a monitor in September. The Indian government’s call to its diamond business is reportedly based on ongoing negotiations between Zimbabwe, which threatens to ignore the KP certification process, and the KP, which wants Zimbabwe to limit exports to better monitor the trade there.
The Kimberly Process describes itself as “a joint governments, industry and civil society initiative to stem the flow of conflict diamonds–rough diamonds used by rebel movements to finance wars against legitimate governments. The trade in these illicit stones has fuelled decades of devastating conflicts in countries such as Angola, Cote d’Ivoire, the Democratic Republic of the Congo and Sierra Leone.”
Bread for All has appealed to the Swiss government to insist as a member of the KP not only that Zimbabwe be barred from certification by the Kimberly Process but also to push for a change to the KP rules, which currently define “blood diamonds” only as those handled by rebel groups to finance their wars against governments.
The Swiss organization says it has evidence from its Geneva-based partner, Zimbabwe Advocate, of daily instances of human rights abuse since 2008 by the Zimbabwe government’s army in mines in the east of the country, around Marange. The “human rights violations include forced labour, child labour, torture, beatings and rape. In addition, soldiers are forcing minors to work for them and they are organizing illegal trafficking in diamonds,” according to Bread for All.
Zimbabwe minister berates visiting Norwegians for questions over abuse
“Bleak” exports will nevertheless dampen economy in 2011
Swiss exports are likely to suffer i n 2011
Bern, Switzerland (GenevaLunch) – Switzerland’s growth forecast for 2010 has been raised from 1.8 to 2.7 percent by the government’s Expert Group on Economic Forecasts, but it is expected to slide again in 2011 to 1.2 percent due to a “bleak” exports situation next year. Slowing growth internationally coupled with a high Swiss franc will hurt exports.
“The assessment that a normal recovery in the world economy is being hindered by side effects from the financial crisis has been generally confirmed,” the group states in its quarterly forecast. Recovery from the global crisis has been relatively good in the past year mainly because of “extremely expansive monetary and fiscal policies” according to the expert group, but “signs are increasingly showing that the world economy has switched into a lower gear over the last few months.
The cooling of the economy should gain strength in many countries over the next few quarters.” The euro zone has fared better than initially expected but “European growth prospects remain modest against the background of the slowing world economy,” the report argues.
Switzerland has had strong GDP (gross domestic product) growth in the first two quarters of 2010. “In contrast to most OECD countries, Swiss economic output had reached it pre-recession levels by mid-2010.
Bern, Switzerland (GenevaLunch) – Swiss exports were up 3.3 percent in nominal terms (-0.6 in real terms) in February, to CHF13.9 billion, and for the first time since 2008 they rose for most business sectors. Imports slipped and trade for the first two months of 2010 shows opposite trends, with exports up 1.3 percent but imports down by 2.4 percent. The balance of trade at the end of February was positive, at CHF1.3 billion.
China now looks set to overtake Japan in 2010 as the world’s second largest exporter, with February figures well above even the optimistic forecasts: 45.7 percent over February 2009. Figures from a year earlier reflect the dip due to the economic crisis, but February figures were double the increase in January exports, up 21 percent. The Financial Times notes that Chinese authorities nevertheless intend to wait to lift stimulus measures because of an uncertain global economy.
Imports are also growing steadily, providing more evidence that the Chinese economy is rebounding.
Links to other sites: Financial Times, Xinhua
Elisabeth Pasquier, Francois Murisier, Vinea's director and president, 2010
Sierre, Switzerland (GenevaLunch) – Vinea, a Valais-based association that was created 15 years ago to showcase the wines of Switzerland’s largest wine-producing canton, has grown into a major player in the wine world, far beyond its original Valais borders. Tuesday evening the group gave itself a new structure to better place it to educate the world about Swiss wines.
The wine business accounts for 15 percent of agricultural products, about half that of Swiss dairy products, including cheese. Agriculture is 1 percent of Swiss GDP (gross domestic product) overall, well behind industry and the service sector, which includes banking. But wine remains an important part of Swiss society, especially in French-speaking areas where vineyards often dominate the landscape.
New statutes were approved for Vinea to reflect the growing number of activities and work it does outside canton Valais. One of the country’s best-known wine experts, François Murisier, was named president of the revised association, with Elisabeth Pasquier, the former managing director, named to the new post of director.
Murisier is the former head of wine grape growing and oenology at the Swiss federal centre, Agroscope Changins-Waedenswil. He is an expert with the OIV (International Organization of Vin and Wine) and president of the scientific committee of Cervim, a mountain wines organization.
Kenya in 2009 overtook Sri Lanka as the world’s largest producer of tea, according to the government of Kenya. It says it shipped 342 million kg to 47 markets, accounting for 22 percent of world tea exports, reports AllAfrica. Sri Lanka, long the world’s top exporter of tea, sold 280m kg, according to Kenya’s Tea Board figures. Sicily Kariuki, managing director of the African country’s Tea Board, told AllAfrica that research has played a key role in rising sales, with Kenya now producing some 50 varieties of tea in seven growing regions.
Emmental remains the favourite outside Switzerland (photo: ©2010 SCM)
Update 20:00 Bern, Switzerland (GenevaLunch) – The year 2009 is adding up to an odd one for Swiss consumption and exports: chocolate consumption was down, but the sale of Swiss cheese rose by 1.6 percent despite a 25 percent fall in the US market, and the sale of weapons also rose, by 0.8 percent.
The CHF727.7 million in weapons sales represents 0.39 percent of total exports and is a record high figure for Switzerland.
The Swiss ate a little less chocolate in 2009.
Bern, Switzerland (GenevaLunch) – You know the economy is in trouble when the Swiss cut back on their chocolate, and they did, in 2009: consumption fell by 700 grams per person. That’s the equivalent of seven of those 100 gram tablets for which the Swiss are particularly famous outside the country, the kind that fit neatly into the pocket of a ski jacket or backpack for Alpine and lakeside trips. The one growth area, up 3 percent, was small chocolate bars.
Domestic sales fell by 6.9 percent, says Chocosuisse, to 68,375 tons. An extended warmer than usual summer and a fall in the number of tourists played roles, but the Swiss were “cautious” and bought less chocolate, and cheaper products.
Domestic consumption was nevertheless 11.7kg per person, powdered chocolate and cocoa excluded, based on overall consumption of 91,330 tons of chocolate. Imports rose to one-third of total chocolate consumed: most imported chocolate is low-price products.
Chocosuisse, which is the association of the country’s 18 largest chocolate manufacturers issued its figures for 2009 Wednesday morning 10 February.
Domestic and export sales were both down in 2009, the first time in six years that chocolate-makers did not sell more than the previous year.
Chinese imports for January rose by 86 percent compared to the same month a year earlier, and exports rose by 21 percent, the second month showing an increase after a year’s stalemate. The overall trade increase of more than 44 percents comes as some figures are showing China to be the world’s largest exporter. The Chinese impact on the world economic rebound “may reinforce overseas calls for China to allow a stronger currency,” reports Bloomberg.
Exports, port of Basel
Update 11:40 Bern, Switzerland (GenevaLunch) – Switzerland officially moved out of recession in the third quarter of 2009, Bern announced Tuesday 1 December. Real GDP (gross domestic product) was up 0.3 percent compared to the previous quarter. Private consumption (+0.6 percent) and building investments both grew, and healthcare plus the financial and insurance industries also rose. Investments were up “massively”, with industrial goods investments rising by 5.5 percent.
The government’s own “consumption expenditure” rose by 1.3 percent.
Exports of goods and services both climbed, by 2.2 and 0.3 percent respectively, for the first time “after a considerable one-year slide” the government statement reports.
Zurich, Switzerland (GenevaLunch) – Economiesuisse has revised upwards its forecast for the Swiss economy for 2010. In June 2009 the umbrella organization for Swiss business had predicted a 2.9 percent drop in Swiss GDP (gross domestic product) for 2009 with a further drop of 0.8 percent in 2010. The group published revised figures Monday 23 November, saying it expects to see growth of 0.7 percent next year, and export growth of 3.8 percent after a year that has proved very difficult for some exporters.
Background: Economiesuisse lowers growth forecast, unemployment to climb, GenevaLunch, 15 June 2009
Japan’s trade surplus reached 521 billion yen in September, about 472 percent more than a year ago, but it still disappointed analysts. Exports were down 30.7 percent compared to a year earlier, but in August that figure reached 36 percent, according to figures released by the Japanese Finance Ministry Thursday 22 October.
The Japanese yen has increased in value against all major currencies this year, making Japanese goods more expensive for foreigners.
Imports were down almost 37 percent in the month, with crude oil imports down 2.4 percent over the year, reflecting depressed demand at home. Bloomberg, Romandie News
The Japanese yen eased slightly on currency markets after hitting a high of JPY88.24 against the US dollar in New York trading 28 September. Japanese central bank governor Hirohisa Fujii said the bank may intervene to push the yen down. The yen declined against all major Asian currencies. Japan’s export-dependent economy favours a weaker yen. The yen has strengthened about 16 percent this year, making Japan’s exports more expensive. But the new Japanese government has said that a stronger yen favours Japanese consumers by making imports cheaper.
China has begun supplying oil to Iran in the past month and already accounts for one-third of the country’s fuel imports, the Financial Times reports. Oil imports are not part of a United Nations sanction and the supplies are legal, but the move comes as G20 world leaders, meeting in New York Wednesday 23 September, discuss enforcing sanctions against Iran to discourage it from further developing its nuclear programme. Iran insists the nuclear programme is for peaceful purposes, as a source of energy, and that it is not building bombs. The country is one of the world’s largest oil producers, but its aging system is inefficient and it imports 120,000 barrels a day, according to the FT. China agreed in 2004 to purchase oil from Iran and to invest in its system. The $100 billion deal in 2006 prompted concern in the US, with observers saying that China appeared to be rushing to sign the deal ahead of sanctions. In the latest twist to the story China’s oil replaces that from companies such as BP which have stopped supplying Iran. Washington Post, 2006, Brookings Institution editorial, July 2009
Source: Swiss customs office (click on image to view larger)
Bern, Switzerland (GenevaLunch) – Several economic indicators published by the Swiss federal government Tuesday 21 September show an economy still in the doldrums, but with the outlook slightly more optimistic than in August 2009. Exports are down and imports are down by an even larger percentage, the economy is stabilizing but will remain “sluggish” in 2010 and unemployment is high. The good news: while the picture is still gloomy, it’s getting a little brighter.
GDP growth positive, if only slightly, in 2010
The government’s economic advisory “Expert Group” released its latest quarterly projections, which include a “weaker decline” of GDP (gross domestic product), from -2.7 percent expected in June to -1.7 percent forecast now. The group now expects positive GDP growth in 2010 of 0.4 percent rather than the -0.4 percent projected earlier. Private consumption and building investment are holding relatively steady, which is helping Switzerland to have a recession less dramatic than in many countries, although 2009 will go down as the worst year since 1975 for GDP decline.
China’s industrial output grew by 12 percent in August, a 12-month high and better than forecast by the government, which was looking for 10 percent growth. Foreign trade – exports and imports combined – were $91.7 billion, down 20.6 percent compared to August 2008 but a 2.3 percent increase from July.
Other key economic data published by the government’s statistics office Friday included:
- urban fixed asset investment is up 33 percent for the first eight months of the year
- new loans in yuan in rose from Yuan36 billion in July to Yuan410b in August
- the consumer price index fell by 1.2 percent and the producer price index fell by 7.9 percent, both as compared to a year earlier, but the rate of decline is slowing.
Geneva, Switzerland (GenevaLunch) – World trade rebounded sharply in the second quarter, according to World Trade Organization (WTO) figures just released. World exports (which are also world imports) increased by 7.7 percent in the second quarter of 2009, compared with the first quarter, and reached $2.88 trillion in the second quarter, up 6.6 percent overall.
The answer to the question of who is the world’s leading exporter was announced 8 September by the German Federal Statistical Office (Destatis). China’s export figures for July are $105,420 billion, an increase of 10.4 percent over June’s figures. Germany announced that exports were € 70.5 billion, or $102,155b. This is an unadjusted increase of 6.6 percent from June 2009. Both countries were neck-and-neck in June.
Quarterly world merchandise export developments, 2005-09 (2005Q1=100, in current US dollars), WTO
All of the WTO reporting regions show a rebound in the first quarter.
Geneva, Switzerland (GenevaLunch) – China pulled slightly ahead of Germany as the world’s leading exporter by value in the first six months of 2009, WTO (World Trade Organization) figures show. China’s exports were worth $521.7 billion whereas Germany exported $521.6b worth of goods, the Financial Times reports 25 August.
Both countries’ exports were seriously dented by the economic downturn that followed the financial crisis in late 2008, but both have recovered strongly. Germany’s exports surged seven percent in June compared to May, the latest data available, but are still 22.3 percent lower than the previous year.
The numbers are gathered monthly for internal purposes, since the WTO does not publish individual country forecasts and generally releases trade figures at the end of the year, an economist at the WTO told GenevaLunch. “But this year, because of the economic crisis, there has been a lot of interest in the first half of the year.”
