Everything is awesome! <sarc>
– Chinese Imports Crash & Worst January Export Plunge Since 2009 Sends Trade Surplus To Record High (ZeroHedge, Feb 7, 2015):
Chinese imports collapsed 19.9% YoY in January, missing expectations of a modest 3.2% drop by the most since Lehman. This is the biggest YoY drop since May 2009 and worst January since the peak of the financial crisis. Exports tumbled 3.3% YoY (missing expectations of 5.9% surge) for the worst January since 2009. Combined this led to a $60.03 billion trade surplus in January – the largest ever. But apart from these massive imbalances, everything is awesome in the global economy (oh apart from The Baltic Dry at record lows, Iron Ore near record lows, oil prices crashed, and the other engine of the world economy – USA USA USA – imploding).
Ugly…
…
If their imports have fallen 19,9%,, I wonder what their true exports reveal….they have lied for years about their level of export, claiming much more than the nations they deal with acknowledge.
China is the weak link in BRICS, but it has all the MFG and blueprints for every product the east could possibly need. So, in my opinion, China will recover, but it will take a while. They have spent a fortune on Ghost cities, empty great buildings, infrastructure and military. All of these can be put at the disposal of Russia, or any other trading partner.