Thousands of Guangdong Companies Close as China’s Exports Stall

By Tian Ying

Dec. 20 (Bloomberg) -- Slowing exports forced closure of 8,513 companies in China’s southern Guangdong province in October, more than in the first three quarters of 2008, state-owned Xinhua News Agency reported.

A total 15,661 companies closed in the first 10 months of the year as exports by privately owned firms declined 35 percent from a year earlier, Xinhua said. Growth slowed at 29 of 37 industries tracked, with electric machinery, textiles and automobiles leading declines, the report said.

China’s November exports fell 2.2 percent from a year earlier, the first decline in seven years, as a world recession slashed demand. Guangdong is one of the nation’s largest export bases.

To contact the reporter on this story: Tian Ying in Beijing on ytian@bloomberg.net