Global Slowdown - 70% Of China's Export Partners Saw Orders Plunge

Tyler Durden's picture




 

We discussed previously the slowing of the global economy and the drag on global trade and it appears that despite some hope-ridden headline data from China, things are definitely troubling under the surface. As Bloomberg Brief's Michael McDonough notes, while superficially, export growth was a rare bright spot in the first quarter, it may have been exaggerated by exporters inflating invoices. Excluding exports to Hong Kong, March’s export growth would have fallen 4.8 percent year-on-year compared with the reported 10 percent. China’s exports to 14 of its top 20 trading partners declined in March year-on-year. Tepid global demand may continue to weigh on China’s exports and domestic economy - and in its vicious cycle manner, feed back into global growth (and stain the US 'clean' shirt).

 

Growth in China exports to its Top 20 trading partners...

 

Source: Bloomberg Briefs

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Fri, 05/03/2013 - 14:29 | 3527833 max2205
max2205's picture

moar bad news...weeeeeeeeeeeeeeeeeeeeeee

Fri, 05/03/2013 - 14:41 | 3527886 schnydz
schnydz's picture

Green shoots! DOW 20K hat primed and ready. 

Fri, 05/03/2013 - 14:58 | 3527928 Cult_of_Reason
Cult_of_Reason's picture

CNBC is lying like there is no tomorrow today.

Negative 6K construction jobs in April is reported by Olick as "construction jobs increased by just over 6,000 in April from the previous month, according to the Bureau of Labor Statistics".

Is she simply stupid or just simply lying? (most likely the latter)

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/05/April%20Jobs.jpg

http://www.bls.gov/news.release/pdf/empsit.pdf

Fri, 05/03/2013 - 14:58 | 3527953 astoriajoe
astoriajoe's picture

Well, there is no tomorrow. There is always only today.

Fri, 05/03/2013 - 15:05 | 3527995 ParkAveFlasher
ParkAveFlasher's picture

This graph looks like Mrs. Shrek's tampon.

Fri, 05/03/2013 - 15:10 | 3528009 DoChenRollingBearing
DoChenRollingBearing's picture

Our experience, just an anecdotal data point really, is the opposite.  We are importing more Chinese Hub & Bearing Assemblies into Peru.

Our experience is likely not typical however.  Our supplier makes excellent stuff at a low price.  Many of their pieces are made by very few manufacturers (other than the OEM suppliers).

Little Peru is not particularly like any of the other countries in the above table (Brazil I suppose would be closest).  I have no idea if Peru is importing fewer other Chinese products.  Like I said, just one anecdotal data point...

Fri, 05/03/2013 - 15:16 | 3528015 Cult_of_Reason
Cult_of_Reason's picture

 You are correct. There is no tomorrow for CNBC. Investors are abandoning CNBC in droves.

For too many years, CNBC has provided nothing but a bunch of lies, steady parade of corporate executives touting the stock of their companies, and fund managers who profess to have genius ability to outperform the markets.

The gig is (almost) up. Ratings for CNBC have dropped dramatically. Viewers of its morning business shows are down 10%. Shows like Squawk Box and Closing Bell (Bimbo Bartiromo) have declined for four straight quarters. On April 23, only a pathetic 99,000 viewers watched Squawk Box.

 

 

Fri, 05/03/2013 - 15:33 | 3528129 Schmuck Raker
Schmuck Raker's picture

But...but they have got hockey.

Sat, 05/04/2013 - 01:36 | 3529647 AldousHuxley
AldousHuxley's picture

You don't need cnbc when you've got zerohedge

Fri, 05/03/2013 - 16:21 | 3528360 Panafrican Funk...
Panafrican Funktron Robot's picture

It is pretty funny to watch the hosts debased to basically infomercials.  Watching them have to eat the latest concoctions from McDonald's was truly a joy to behold.  

Fri, 05/03/2013 - 15:18 | 3528051 KRUZER
KRUZER's picture

how true it is.

Fri, 05/03/2013 - 15:42 | 3528181 Cult_of_Reason
Cult_of_Reason's picture

Party like there's no tomorrow, because tomorrow you always regret last night.

http://www.thedawgpound.com/wp-content/uploads/2011/12/girl_vomiting_in_toilet.jpg

Fri, 05/03/2013 - 15:53 | 3528244 Poetic injustice
Poetic injustice's picture

Honest answer would be "In April, more jobs than in May. In May, more jobs than in June. In June..."

Fri, 05/03/2013 - 15:21 | 3528065 Silver Bug
Silver Bug's picture

The Global economy is clearly slowing down. The recover never happened.

 

http://sprottmoneyblog.com/

Fri, 05/03/2013 - 14:29 | 3527835 Iriestx
Iriestx's picture

Transitory.

Fri, 05/03/2013 - 14:33 | 3527842 knukles
knukles's picture

Now that is telling...

Viz the source of the data.
I'm a believer that China can't count beans so to speak what with all the people, infrastructure, underground economy, political spin on what numbers they get....
The official stuff from them is even more suspect than our own Oracles of Truth and Sophistry like the BLS*

right so next you're gonna believe in the tooth fairy

 

* "Hey Rocky, watch me pull a rabbit out of my hat"
                          -  Department of Bullwinke

Fri, 05/03/2013 - 15:12 | 3528023 RockyRacoon
RockyRacoon's picture

That was one smart flying squirrel.

Fri, 05/03/2013 - 15:17 | 3528047 Bryan
Bryan's picture

Again?

 

Fri, 05/03/2013 - 15:53 | 3528255 Poetic injustice
Poetic injustice's picture

China economic data is as suspicious as virgin in highschool.

Fri, 05/03/2013 - 14:31 | 3527848 buzzsaw99
buzzsaw99's picture

Blankfein was just on this a.m. telling muppets to buy china. muppets is as muppets does. [/mama sed]

Fri, 05/03/2013 - 14:32 | 3527854 Dumpster Fire
Dumpster Fire's picture

Whole fucking thing is a trap.  Why anyone piles in at 15k is beyond me but they will do it and they will suffer

Fri, 05/03/2013 - 15:15 | 3528034 venturen
venturen's picture

Because they are printing...they can go to 20, 30 50k ...where else you going to go for inflation protection? The banks get the monoploy money and they put it in stocks...nothing you can do but play the game and rush for the exits when the party ends. 

Fri, 05/03/2013 - 15:23 | 3528075 yogibear
yogibear's picture

It doesn't matter if it's the Fed's QE money. Trillions could be lost, they'll just hide it on the Fed's off-banace sheet and then print up some more.

Ah, the art of printing and cooking books.

Fri, 05/03/2013 - 16:23 | 3528370 Panafrican Funk...
Panafrican Funktron Robot's picture

There's about $700 billion in QE to work through before EOY, assuming they don't step up the pace.  You'd be a fucking idiot to short.

Fri, 05/03/2013 - 14:34 | 3527862 venturen
venturen's picture

Nothing more stimilus, printing won't cure! We are all going to be living large in finacial utopia!!!!!!!!!! How Sweet IT IS!

Fri, 05/03/2013 - 14:34 | 3527863 caimen garou
caimen garou's picture

some of that is due to people not being able to afford cheap chinese crap, i'm looking to buy goods that last and are not disposable

Fri, 05/03/2013 - 14:48 | 3527910 pods
pods's picture

A very good thing.  Have been doing that for a while.  Amazon is invaluable for vetting goods.  Especially ones with moving parts.

So much crap, even from the more recognized names is merely rebranded junk.  You really have to DYDD.

You can do it though. I found a nice, built like a truck garbage disposal (even made in the US) for like 60 bucks.  Thing will grind diamonds.

pods

Fri, 05/03/2013 - 15:19 | 3528056 CSI.Economy
CSI.Economy's picture

"Thing will grind diamonds."

Have you tested it?  If not, I would suggest Jamie or Bob.  Either will provide details for an exciting customer review

You could even sell tickets to pay for the cost of the disposal. 

 

 

Fri, 05/03/2013 - 22:49 | 3529413 Lux Fiat
Lux Fiat's picture

An inordinate amount of chopping, cleavering, etc. would be required.  You need something better suited for the size...

http://www.youtube.com/watch?v=9Ib7rDds5jk

Fri, 05/03/2013 - 14:36 | 3527871 Edward Fiatski
Edward Fiatski's picture

Italy says "No!" to Chinese stuff. One wonders if they could afford it anyway. :)

Fri, 05/03/2013 - 14:38 | 3527878 Stuck on Zero
Stuck on Zero's picture

China 7% growth = Western world 0% growth.

 

Fri, 05/03/2013 - 14:38 | 3527879 markofsky
markofsky's picture

In six months the Federal Reserve will create enough imaginary money to buy the 20 largest US companies in the stock market. Who owns what?

Fri, 05/03/2013 - 14:50 | 3527916 JustObserving
JustObserving's picture

USA and Japan are printing 10% more than the GDP of India. Free, easy money.  Why not Dow 30,000 and free silver?

Fri, 05/03/2013 - 15:25 | 3528090 yogibear
yogibear's picture

The Fed knows it can buy the who world with printed money as long as it's the reserve currency. Once the Fed looses the Reserve currency status their plan turns to crap.

Fri, 05/03/2013 - 16:26 | 3528382 Panafrican Funk...
Panafrican Funktron Robot's picture

"Once the Fed looses the Reserve currency status their plan turns to crap."

1.  They already are losing that status.  This has accelerated post 08/09 crash.  

2.  This is the reason for QE.  Continuing to further lose this status = more QE.  

Fri, 05/03/2013 - 14:41 | 3527884 new game
new game's picture

crumble she goes. crumbs on the table 15000, but the slices will be pulled along with the loaf...

chase that bitcheeezzz

Fri, 05/03/2013 - 14:42 | 3527894 Jason T
Jason T's picture

exports and imports from China  to US collapsed in March too... holy crap there are recessionary signs everywhere .. I feel like I'm taking crazy pills.

Fri, 05/03/2013 - 15:25 | 3528037 RockyRacoon
RockyRacoon's picture

When one is bleeding to death, it makes no sense to be measuring the length and depth of each of the thousand cuts.   The world is blinded by all the statistics (most of which are randomly generated, based upon faulty measurements, or just plain lies).  Just get some silver while you still can.

Fri, 05/03/2013 - 14:44 | 3527900 q99x2
q99x2's picture

Japan, Malaysia and Vietnam are still green shoots to China. Why are they buying? I guess Japan is buying with new fake money and Malaysia and Vietnam are still growing or being conned by middle men to buy Chinese junk.

Fri, 05/03/2013 - 14:47 | 3527908 Metalredneck
Metalredneck's picture

Coupled with a beauty of a Baltic Dry Index, we are heading for Dow 17500 by July.

Fri, 05/03/2013 - 15:24 | 3528080 Quinvarius
Fri, 05/03/2013 - 15:34 | 3528138 Cardinal Fang
Cardinal Fang's picture

Adds new meaning to 'bumping along the bottom', eh?

Sat, 05/04/2013 - 09:29 | 3529844 hootowl
hootowl's picture

Did you break your /sarc button?

 

STARVE THE BEAST!!!

Fri, 05/03/2013 - 14:54 | 3527927 earleflorida
earleflorida's picture

the extinction of :

'The Dollar Tree'

'The Dollar General'

'The All for a Dollar'

'The Walmart'

'The Target'  

ie., et.el...

leaves but a outsourced swath [silicon] valley of american consumer's  yearning for the days of a QE [less] yuan... as ben cuts off his hook'd`nose to spite his yiddish face? 

Fri, 05/03/2013 - 15:03 | 3527983 omi
omi's picture

Notice the trend, Asian countries are growing and trading, while western countries are slowing down. There's nothing wrong with China, just western countries' economies are slowing down.

Sat, 05/04/2013 - 09:31 | 3529843 hootowl
hootowl's picture

"Notice the trend, Asian countries are growing and trading, while western countries are slowing down."

Explain please, how Asian countries are growing and trading when their primary exporting targets in the West are slowing down?  Have they now become their own best customers?

Wouldn't such internecine trading lead to Asian economic collapse?  Isn't that like selling food, clothing, and shelter to your own family?......then eventually murdering your neighbor and eating his (and your own) children to survive?

 

STARVE THE BEAST!!!

Fri, 05/03/2013 - 15:16 | 3528044 venturen
venturen's picture

Is that soft patch brown and smelly?

Fri, 05/03/2013 - 15:20 | 3528059 reader2010
reader2010's picture

China's decided to use WARZ to stimulate its dick. Have you noticed? Bullish!

Fri, 05/03/2013 - 15:28 | 3528104 yogibear
yogibear's picture

Once the US dollar looses the reserve currency status it's over for the Fed.

Fri, 05/03/2013 - 15:33 | 3528134 Cardinal Fang
Cardinal Fang's picture

Looks like '50 Shades of Red'

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