Monday, October 22, 2012

Wide trade deficit hits Japan


 
Massive protests across China and attacks on Japanese companies and factories prompted Tokyo to shut down its auto business in China temporarily in September

Source: Press TV
http://www.presstv.ir/detail/2012/10/22/268093/wide-trade-deficit-hits-japan/

Officials in the world’s third economic heavy-weight, Japan, have announced that a wide trade deficit hit the country in September amid the global economic slowdown and the state’s territorial row with its longtime trade partner China.

Japan's monthly trade deficit was USD 7 billion and bigger than a deficit of about USD 3.7 billion a year earlier, the Japanese Finance Ministry said on Monday.

The deficit for September was the worst figure in more than 30 years for Japan, as demand for Japanese products, including chemicals, cars, medical products and computer parts reduced.

Overall exports in September totaled USD 68.7 billion with a more-than-10-percent fall.

The imports also rose 4 percent from a year earlier to USD 75.9 billion, particularly for additional oil and other fuels needed for power generation following the nuclear reactors’ shutdown across the country.

The territorial dispute with China led to a 14-percent decline in China’s demand for Japanese cars and other products as well.

Massive protests across China and attacks on Japanese companies and factories prompted Tokyo to shut down its auto business in China temporarily in September following a refreshed row between the two states over disputed islands.

Tensions heightened between Tokyo and Beijing after Japan signed a deal on September 11 to buy three of the disputed islands in the East China Sea from their private Japanese owner in line with plans to nationalize the archipelago

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