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Asia exports drop to record lows on back of slowing China Updated: 2016-03-08 17:19:09 KST

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2016-03-08

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So far‚ the year isn't looking so bright with slumping exports seen all over Asia. In the case of China‚ exports fell over twenty-five percent in February compared to a year earlier‚ the drop amounted to 32.5 billion U.S. dollars‚ according to China's customs data. It marked the 8th consecutive month of decline for the country and the biggest drop in the last seven years. With outbound shipments on the decline and concerns of a slowdown the Chinese government has skipped on revealing its specific target rate of trade growth for this year. It seems inevitable‚ however‚ for neighboring countries to also feel a blow. SOUNDBITE "The global economic outlook remains gloomy with falling global oil prices‚ decreasing overall investment and consumption‚ and the slowing Chinese economy." As a result‚ South Korea and Taiwan also saw declines in their exports as China‚ one of their biggest trading partners suffers from a significant decrease in foreign trade. South Korea marked its 14th straight month of declining exports. It saw a near 12 percent drop in February compared to the same month last year. Since December‚ it's posted double-digit drops. Taiwan's exports also dropped nearly 12 percent on-year‚ falling for 13 straight months. Experts say that enacting a stimulus plan and possibly lowering interest rates will be key factors for both South Korea and Taiwan to consider during their fiscal policy meetings this month. Oh Jung-hee‚ Arirang News. Reporter : jhlucyoh@arirang.com

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