China's exports see sharp decline

China's exports fell more than expected in January, down 17.5% from a year earlier, marking the biggest drop in more than 10 years, figures have shown.

• Imports were down 43.1% in the month compared with a year ago, as China’s economy continued to be hit by the global economic slowdown.
• Analysts say the slowdown could prompt more factory closures and job losses.
• China’s global trade surplus widened to $39.1bn last month, after recording a surplus of $39bn in December.
• “The numbers are terrible. The environment is awful,” said Ken Peng, an economist at Citigroup.
• “The pressure on unemployment will be huge,” he added.
• Some analysts argue that this worsening trend will continue, as the world economy contracts.
• Last month, China’s crude oil imports fell to their lowest level for 15 months – down 8% year-on-year.
• The country shipped in 12.82 million tonnes of crude oil, nearly 11% lower than in December.