Patching up and recoding depressing trade figures to make them appear less entrenched than they actually are is a timeworn governmental tactic used around the world. And this recession has seen the art of statistical spinning reach new heights (or lows, depending on your opinion). But there did seem to be a distinct element of despondency in a lacklustre headline in today's state media. "China trade figures continue to fall in June, but rate of decline eases," is not the kind of bravado reporting that we have been used to, even during these currently downward sloping economic times.
"China's trade figures continued to fall year-on-year in June," Xinhua reports "but the rate of decline eased over the May figure." The repor added, without giving further details that "in the first half year certain products rebounded."
In the first five months of 2009, China's trade fell 24.7 per cent from a year earlier, with exports down 21.8 per cent. Total May 2009 exports were down 26.4 per cent year on year.
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