gemi10689
Joined: 16 Sep 2011
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 Posted: Mon Nov 21, 2011 9:50 am Post subject: Japan's exports decline for first time in three months Expo |
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Japan's exports decline for first time in three months
Exports were on the rise in recent months as Japan recovered from March's earthquake and tsunami
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Japan's exports have fallen for the first time in three months, reinforcing worries that the strong yen and global debt crisis are affecting the economy.
Shipments dropped 3.7% in October from a year earlier, said the Ministry of Finance.
This pushed the balance of trade into a deficit, as imports jumped on high fuel costs.
The Bank of Japan warned last week that the debt crisis in Europe was stifling demand and hurting Japanese exporters.
Hurting recovery
In September, the Japanese economy was looking like it was back on track following the devastating 11 March earthquake and tsunami.
Exports were up 2.3% in that month compared to last year, as carmakers' production levels were back up to pre-quake levels.
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Exports will likely continue to fall for the next few months”
Takeshi Minami
Norinchukin Research Institute
However today's figures have renewed concerns over the recovery. The drop in exports was steeper than expected, with analysts predicting a fall of 0.3%.
Analysts said that the fall in demand from countries facing their own economic crises was severe.
"Exports will likely continue to fall for the next few months as the global economy is expected to continue to have an adverse impact," said Takeshi Minami from Norinchukin Research Institute.
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