China's trade surplus Jan-Sept 2009

In the first 9 month of 2009, China's cumulative trade surplus with the rest of the world was $135.5bn, 26% lower than the same period in 2008.

In the same period, China's total trade with the European Union was down 19.4%, trade with the US -15.8% and trade with Japan -20% (compared with the same 9 month period in 2008).

India's exports hit by global recession

Exports are a significant factor for the economy of India, 15% of GDP.

Thus the news that India's exports fell in May for the 8th consecutive month is crucial.

Exports in May were down 29.2% from May 2008 and imports 39.2% (valued in India's national currency) and the trade deficit was about 50% that of May 2008.

Which begs the economic, social and philosophical question: Is reduction of countries' trade deficit due to the global recession a "good" or a "bad" thing? Food for thought.