Chinese stocks drop after trade data

Chinese shares dived on Friday after trade data which showed growth deceleration in exports. The benchmark Shanghai Composite Index declined by 13.38 points, or 0.66 percent, to finish at 2,014.24. The Shenzhen Component Index shed 98.69 points, or 1.27 percent, to close at 7,648.04. The combined turnover of the two bourses shrank to 148.5 billion yuan (24.34 billion U.S. dollars) from 181.74 billion yuan the previous trading day. China's trade data failed to meet market expectations. Its exports and imports surpassed 4 trillion U.S. dollars for the first time to hit 4.16 trillion U.S. dollars in 2013, up 7.6 percent year on year. But the growth rate was slightly lower than the government's full-year target of 8 percent. The electronic appliance sector led the declines, slipping by 3.03 percent. Shares in Shenzhen Desay Battery Technology Co., Ltd. shrank 10 percent, or the daily limit, to 68.63 yuan per share.