It's another data point indicating both the comprehensiveness and seriousness of the global economic slowdown: China's exports fell in November for the first time in seven years, the General Administration of Customs announced Wednesday in Beijing, as demand decreased in key customer countries in recession, including the United States.

Another global slowdown sign

China's November exports declined 2.2% compared to a year ago to $114.99 billion. It was the first decline in monthly exports since June, 2001. Exports increased 19.2% in October. Meanwhile, November imports also fell, declining 17.9% to $74.9 billion -- that category's first decline since February 2005.

Economist David H. Wang told BloggingStocks Wednesday that the export decline is further evidence of the weakest global economy since 2002. "We have a very serious global condition. Slowing exports will lead to further manufacturing cutbacks in China, which will decrease demand for commodities even more," Wang said. "This will really hit mining companies and commodity producers and I would not be surprised to see five-year lows hit oil, copper, and coal in Q1 2009."

Wang added that the export decline underscores the need for both China and the west [U.S., E.U.] to take steps to create demand.