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Report: China's exports, imports down

  • Story Highlights
  • Imports dropped further, by 43.1 percent, or $51.34 billion
  • China recently said its economic growth had slowed to 9 percent for 2008
  • Since 2001, China had seen double-digit growth
  • But exports were hit hard starting in late 2008 because of the global economic crisis
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BEIJING, China (CNN) -- China's exports plunged 17.5 percent, to $90.45 billion, in January, compared with the previous year, state-run media reported Wednesday.

Imports dropped even further, by 43.1 percent, or $51.34 billion, Xinhua news agency reported.

These decreases echo a government report in January that said China's economic growth had slowed to 9 percent for 2008 -- the slowest rate the nation has seen in seven years.

Since 2001, China had experienced double-digit growth as consumers worldwide bought Chinese goods. However, exports were hit hard starting in late 2008 due to the global economic crisis.

In November, China announced plans to inject 4 trillion yuan ($586 billion) into its economy to offset declines in industrial and export growth.

That economic stimulus plan included the loosening of credit restrictions, tax cuts and massive infrastructure spending.

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