The moth of July is the eighth month of Japan’s exports declines.
A 1.6% decrease in Japan’s exports was posted when it was compared to last year’s record. Car parts and semiconductor production equipment did most of the damage to the export rate.
China-bound exports, Japan’s biggest trade partner, decreased by 9.3% year-on-year in July.
Japan’s exports to Asia also slipped by 8.3%.
The economy of Japan heavily relies on its export activities with its trading partners. The recent U.S. tariff and Japan’s curb trade against South Korea have affected their export rate.
However, a 1.5% rise in export volume in July year-on-year was the silver lining for the eight-month slump.
Japan’s shipment to the U.S. also went up to 8.4%. Trump sees its trade activities with Japan as somewhat unfair and causes trade imbalances with the U.S.
Japan's factory activity shrinks at fastest pace as domestic and overseas demand slump17.03.2020
Bank of Japan to take monetary easing steps once more if economy worsens16.03.2020
Bank of Japan takes additional steps to stabilize market in an emergency meeting on Monday13.03.2020
Japan hints at large-scale spending package in a “bold” step to combat virus