Japan's March Exports Down 11.7% YoY... 16 Consecutive Months of Decline

[Image source=AP Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Amid the global economic impact caused by the spread of the novel coronavirus infection (COVID-19), Japan's exports last month saw the largest decline in 3 years and 8 months since July 2016. Additionally, exports sharply decreased in 80% of the 36 major countries subject to disclosure. By item, automobile exports were hit hard, revealing the vulnerability of the Japanese economy, which is highly dependent on the automobile industry, according to a report by Nihon Keizai Shimbun on the 20th.

According to trade statistics released by the Japanese Ministry of Finance on the same day, exports in March this year amounted to 6.3576 trillion yen (approximately 71.84 trillion won), down 11.7% compared to the same period last year. This marks the 16th consecutive month of decline and the second consecutive year of trade deficit.

Japan's imports last month were 6.3529 trillion yen, down 5% compared to the same period last year.

By country, exports to Spain decreased by 29.1%, the United Kingdom by 23.5%, New Zealand by 22.9%, and Chile by 44.3%. Except for some regions such as the Middle East, exports sharply declined worldwide.

By item, exports of major industries significantly decreased.

Automobiles recorded -13.1%, ships -48.6%, and automobile parts -17.9%.

In particular, considering that shutdowns and production cuts by Japanese car manufacturers including Toyota Motor began in April, Nihon Keizai Shimbun reported that the decline in automobile industry exports is expected to continue.

The import decrease rates were 26.8% for coal and 13.5% for liquefied natural gas.

On the other hand, imports of telecommunications equipment increased by 45.5%.

During the same period, Japan's exports to South Korea recorded 446.736 billion yen, down 10.4% in total value.

By item, food exports decreased by 48.1%, and chemical product exports fell by 17.4%.

According to Japan's 2019 export-import performance, exports decreased by 6% and imports decreased by 6.3% compared to the previous year, resulting in a trade deficit of 1.2912 trillion yen, Nihon Keizai Shimbun reported.

This content was produced with the assistance of AI translation services.