In today’s New York Times, there’s an interesting article by Keith Bradsher about workers in China that are struggling to find jobs as exports falter. Citing information from an industry association, Bradsher writes that “many plants have deferred reopening for up to three weeks for lack of orders from the United States and Europe.”
Will “deferred reopenings” turn into permanent closures? We’ll see in the months ahead. In the meantime, the Panjiva research team took a look at how Chinese factories fared through the end of 2008.
- From December of 2007 to December of 2008, we found that there was a 10% decline in the number of Chinese companies (Hong Kong and Mainland) shipping to American customers.
- From November of 2008 to December of 2008, in just a single month, there was a 6% decline in the number of Chinese companies shipping to American customers.
My hunch is that the worst is yet to come.
February 8th, 2009 at 1:05 am
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