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The impact of a slowdown in export growth would therefore be partially offset by a slowdown in imports.
Japan's trade surplus fell in December to the lowest level since March 1997, underlining fears that a slowdown in export growth is damaging the already fragile economy.
Although BAe has sold more than 800 so far, a slowdown in export orders helped prompt a highly unusual profits warning in January.
The recent slowdown in export growth has probably contributed to the loss of 38,000 jobs in the American manufacturing sector since July, while the overall job market has improved and unemployment has fallen.
"We continue to take a cautious view on the global economy and small-business development," said David Wei, Alibaba's chief executive, "and expect a slowdown in export growth for the following quarters".
The sharp slowdown in export growth in May "in part reflects the impact of a clampdown by the government on firms dressing up financial inflows as exports," Mr. Kuijs said in an e-mail on Saturday.
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However, daily headlines emphasise job losses, output cutting at car companies and a slowdown in export-oriented sectors.
Rather, the shock has come through a sharp slowdown in exports.
A slowdown in exports prompted officials to loosen monetary policy in December.
Some Chinese corporate executives are still worried about the possibility of a slowdown in exports in the months ahead.
That limits its scope to respond to a sharp slowdown in exports, if Europe and America continue to falter.
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