Sharp decline in Chinese exports revealed

China’s exports plunged 17.5% in January – the sharpest drop in more than a decade – as the collapse in its trade accelerated, adding to the threat of more job losses and increasing pressure on Beijing to boost slumping economic growth.

It was the third straight month of declining exports but January’s fall from the year-earlier month was far sharper than December’s 2.8% contraction, according to customs data. JP Morgan said it was the biggest monthly decline since October 1998.