Japan's January exports fall by 46% from last year
Wednesday, February 25, 2009
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.
- "Japan exports drop 45% to new low" — , February 25, 2009
- "Japan's exports plunge 46 percent in January" — , February 25, 2009