Thursday, March 12, 2009

World Demand for Crap Plummets

American Scofflaw

The continuing global economic downturn means that demand for Chinese goods around the world will continue to suffer, according the Chinese government.

The Chinese commerce minister said that the export slump is unlikely to end soon, warning of a "grim picture" for trade in the coming months.

"Exports will get worse before they get better. We could see contractions of up to 30%," said Ben Simpfendorfer at RBS.

"I do think the economy will struggle to bounce back," he added.

"The export figure is set to stay in the red so long as the major economies around the world remain in recession," agreed Sherman Chan at Moody's.

The drop in demand overseas has already caused a wave of factory closures and increased unemployment.

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