Thursday, 24th September 2009
In Business In Japan,
Japanese exports down in August
Japanese exports fell in August, the second month in a row which saw a drop, new figures have revealed.
According to figures from the finance ministry, exports from the country fell by 36 per cent in August when compared to the same month last year, after subdued worldwide demand due to the economic downturn.
In total, exports stood at 4.5 trillion yen (£29.9 billion).
However, August was the seventh month in which Japanese exports were worth more than its imports in value.
Between August and July alone, exports dropped by 0.7 per cent.
Japanese exports to China were down by 27.6 per cent, with exports to the US 34.4 per cent lower than the same month last year.
Imports also fell, with figures showing that they were down by 41 per cent compared to the same month in 2008.
Speaking to Forbes, economist at Itochu Corporation Yoshimasa Maruyama said: "On first glance, the data may not look good, but exports in volume terms continued to recover. Imports are being supported by a fall in inventories, but not by stronger consumption yet."
Written by Kimberley Homer.