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Japan's January exports fall by 46% from last year

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Wednesday, February 25, 2009

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According to official figures, Japan's exports dropped by 46% in January compared to a year ago, the lowest statistics ever to be recorded.

Japan's exports to the United States plunged by almost 53% in January, with car shipments down by 81%. Exports to the European Union fell by 47%.

The Finance Ministry stated that the trade deficit was 952.6 billion yen (US$9.9 billion), the largest deficit ever recorded. The country's trade deficit with China increased by 61% to 562.7 billion yen (US$5.86 billion).

"Japan is particularly vulnerable to this downturn because trade is so central to the economy," said Pascal Lamy, head of the World Trade Organization in a statement during a press conference today.

The demand for Japanese automobiles was hit particularly hard, plunging by 69%. Demand for electronic goods also dropped substantially.

Last week, the government announced that the country's economy had shrunk at an annualised rate of 12.7% in the last quarter of last year, the fastest contraction in nearly 35 years.


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  This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

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