» 08/22/2012, 00.00
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.
(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.
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
Ministry of Finance has announced that Japan's trade deficit rose to 517.4
billion yen (5.23 billion euros).
China posts trade deficit
Beijing has reported a US$ 7.3 billion trade deficit as exports slow down and imports grow substantially. This will have an impact on the dispute over the yuan. However, domestic demand is not growing fast enough to sustain China’s present rate of economic growth.
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Talks are also scheduled to cover the North Korean nuclear issue, but especially the search for joint measures against the economic crisis. Beijing has decided to "overlook" Taro Aso's visit in recent days to the Yasukuni temple, where some of the dead commemorated are war criminals.
2005 record year for China trade
The trade surplus tripled, reaching more than 100 billion US dollars. The data, released yesterday, will fuel calls for a revaluation of the yuan. But government economic bodies exclude this option to maintain high economic growth.
Beijing to increase domestic demand, reduce overreliance on exports
Chinese Vince Premier Li explains in Davos China’s new development goals. However, China is still protectionist vis-à-vis foreign goods. Chinese banks lend a trillion yuan in 20 days. An asset bubble is a real possibility.
Meagre profits for luxury brands
The big western names, drawn by the economic boom and potential huge markets, are selling far less than predicted. Luxury cars are an exception.
Pope Francis tells young people that “genuine love” is not a “soap opera”, but Christians’ real identity card
In his homily for the Jubilee of Teens, Pope Francis asked questions and gave answers to the 70,000 present. Stressing the great ideal of love as giving oneself “without being possessive”, he noted that freedom is “being able to choose the good”. He warned young people “who dare not dream,” telling them that “If you do not dream at your age, you are already ready for retirement”. He also received funds raised for the Ukraine, and appealed for the release of bishops and the priests held in Syria.
Odd alliance between the US and Iranian fundamentalists
Washington is still preventing the use of US dollars in transactions with Iranian banks, preventing business with the outside world in spite of the nuclear deal. This way, the US is helping Khamenei and the Revolutionary Guards, who want to torpedo the agreement in order to maintain their hold on power. Meanwhile, most Iranians hold down two or three jobs just to make ends meet. An unstable and bellicose Iran is a boon for arms sales. A report follows.
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