Record drop in Japanese exports
23-12-2008
Japan posted a trade deficit of US$2.5 billion in November as exports fell at their fastest-ever rate. The ministry of finance said exports were down 26.7 percent from a year earlier, the ministry said, as a strong yen and the global economic downturn blunt demand for Japanese goods. Japan typically runs a trade surplus due to strong demand for its products. Japanese media are speculating that car maker Toyota may be about to announce its first operating loss in 71 years. Japanese exports fell sharply to all areas but those to the US were worst-hit, plunging 33.8 percent - also a record drop. Shipments to the European Union were down 30.8 percent while those to China fell 24.5 percent, the biggest fall since 1995. Exports to the rest of Asia declined 26.7 percent. Imports were also down - 14.4 percent overall - due in part to lower oil prices.
