China Nov exports fall, first drop in 7 yrs -report

BEIJING, Dec 6 - China's exports for November fell in value compared to the same month last year, the first such decline in more than 7 years, a Chinese business newspaper reported on Saturday.

Citing an unidentified source, the 21st Century Business Herald said that according to estimates from customs authorities, China's exports in November were worth "over" $100 billion and imports worth over $70 billion, marking declines in both.

The report said the fall in November exports marked the first such monthly fall since June 2001. In November last year, China's exports were worth $108 billion.

The Chinese-language report cautioned that its trade numbers were "the product of a partial collation and may have omissions".

The Business Herald is based in south China's Guangdong province and, while under state control, competes with other business papers to break news.

If true, the reported numbers suggest the global economic chill has hit Chinese exporters faster and harder than many economists and officials expected.

In October, Chinese exports were worth $128 billion, a rise of 19.2 percent on the same month last year, beating market forecasts despite a sharp global slowdown. Imports rose 15.6 percent compared to a year earlier to a value of $93 billion.

The Business Herald report said officials were alarmed by the latest trade estimates.

"The dramatic fall in import and export volumes has shocked policy-makers," it said, adding that customs authories were now giving central policy-makers daily estimates of trade flows. Previously, they gave such estimates every 10 days.