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Japan’s exports up 8.1% in July; China imports more from Japan than the US for the first time since WW2

August 21, 2008
By Ken Worsley


According to data released today by the Ministry of Finance, Japan’s trade surplus shrank by 87% in July, to 91.1 billion yen, as slower exports of cars, auto parts and electronics led to a 19.0% fall in Japan’s trade surplus with the United States. The overall trade surplus has now fallen for five straight months, while the surplus with the United States fell for the eleventh consecutive month.

During July, the value of imports jumped 18.2% to 7.54 trillion yen, while exports rose 8.1% to 7.63 trillion yen. Aside from the US market, exports to Asia increased 12.7%, exports to the EU area increased 4.1%, exports to Russia were up 45.8%, those to the Middle East were up 27.5% and exports to Australia increased 32.8%.

At the same time, Exports to China rose 16.8%, showing a rise for the 38th consecutive month. In total, exports to China came to about 1.29 trillion yen in July, while exports to the US added up to about 1.28 trillion yen. Thus, July was the first time since the end of World War II that exports to China have been at a higher level than exports to the US.

Exports to developing nations are helping to pick up some of the slack during the current downturn in US spending. China, however, is unlikely to continue importing goods at the same level from Japan once the Olympics are over and done with. Japan’s fates still seem to rest on how quickly the US economy can recover.

Filed Under Economic Reports, Economics, Ministry of Finance, US 

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Comments

One Response to “Japan’s exports up 8.1% in July; China imports more from Japan than the US for the first time since WW2”

  1. limo hire manchester on April 24th, 2009 6:28 pm

    Japan has tried to retain a strong hold amidst the crisis but it will still be affected by the slump of other economies; the US and china especially. Thus only global solutions will get the world economies out of the woods.

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