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Business News Agency September 27th The Ministry of Finance of Japan announced on the 24th that exports in August dropped by 36% from the same period of last year, which was the 11th consecutive month of contraction, indicating that the world’s second largest economy is still stuck in the economic recession.
According to Taiwan’s “Economic Daily†quoted foreign reports, automobile exports have fallen by more than half, and steel exports have dropped by 43.3%, allowing Japan’s exports to drop by 36% year-on-year to 4.51 trillion yen ($49 billion) in August. The contraction in July was 36.5%. Exports in August also fell by 0.7% month-to-month, which was the second consecutive month lower than the level of the previous month, which means that overseas demand supporting the economic expansion in the second quarter has gradually weakened.
However, Japan’s imports in August decreased by 41.3% from August last year, bringing the trade surplus to 185.7 billion yen (US$2 billion). It was the seventh consecutive month that exports exceeded imports.
Yasushi Watanabe economist Watanabe Hiroshi said: "The slowdown in global demand has caused Japan's exports to shrink, especially in Asia and China, where demand stagnation has had the greatest impact." Japan's exports to Asia have contracted by 30.6% since August last year, and exports to the largest markets in China The decline was 27.6%.
In addition, Japan's exports to the United States fell 34.4% year-on-year, and exports to Europe fell by 45.9.
Related Keywords: copper, aluminum, lead, zinc