08/22/2012, 00.00
JAPAN

Euro crisis (and China) sinking Japanese exports

Trade with the EU fell by 25.1% in one year, 11, 9% with China. U.S. exports rose only 4.7%. Low domestic demand in the country, due to the slow post-tsunami reconstruction.

Tokyo (AsiaNews / Agencies) - Japan's exports fell dramatically in July, hit by the crisis in Europe and the slowdown of the Chinese and the U.S. economy.

In one year, the Land of the Rising Sun exports fell 8.1%. Those to the European Union fell by 25.1%, marking the strongest decrease since 2009, following the subprime mortgage crisis in the U.S., trade was down by 29%.

Exports to China - Japan's largest trading partner - fell by 11.9% in a year, marked mainly by the reduction in the trade of semiconductors, electronics and auto parts.

Another troubling sign is that exports to the U.S. rose only 4.7% compared to a year ago.

The reduction in international demand is coupled with the problem of a sluggish domestic demand in a country still scarred by the aftermath of the tsunami and the slow reconstruction process.

The Japanese Ministry of Finance has announced that Japan's trade deficit rose to 517.4 billion yen (5.23 billion euros).

 

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