Thursday, 21st August 2008
In General Japan News,
China becomes Japan's 'biggest importer'
China has replaced the US as the biggest export destination for Japan, it has been reported.
It is the first time Japan has exported more goods to China than any other nation since records began in 1950, reports the Guardian.
Overall Japanese exports increased by eight per cent, while high oil prices saw imports surge at the fastest rate for two years by 18.2 per cent.
Asian custom will remain vital for Japan as its trade surplus with Europe increased by 42.3 per cent last month.
Takeshi Minami, chief economist at the Norinchukin Research Institute, commented: "Given the sluggish US and European economies, Japan's exports will remain weak and you can't expect much help from the Chinese economy either as it is expected to slow after the Olympics."
Japan's central bank has also downgraded its view of the country's economic prospects, describing growth "as sluggish against the backdrop of high energy and materials prices and weaker growth in exports".
Related news stories:
China introduces metal exports ban to Japan (24th September 2010)
Japan and China discuss dispute islands (16th May 2012)
Noda to ask China for pandas (23rd December 2011)
China and Japan work to strengthen ties (15th December 2009)
Monthly foreign visitors to Japan reached record high in March (24th April 2015)