Japan exports slump as global demand dwindles

20.04.2020 - Kulakov Vladimir
Japan exports slump as global demand dwindles

Japan’s March exports declined the most in four years as demand from China, Europe, and the U.S. fell at the fastest pace since 2011.     

Monday’s gloomy data highlighted the pandemic-caused damages on global trade as many prepare for the third-largest economy to reach its biggest drop since the Great Depression.  

Japan’s Ministry of Finance reported exports falling further than expected by 11.7% in the year to March. Following a 1% in February, it was seen as the biggest slump since July 2016.

Imports also declined by 5% after previously dropping by 13.9% in February, bringing the country’s trade balance to a surplus of ¥4.9 billion ($45.47 billion).   

Exports to China, Japan’s major trading partner, dipped by 8.7% in the year to March. Meanwhile, exports to the U.S. plummeted by 16.5% year-on-year, the biggest since April 2011 and exports to Europe dropped by 11.1%.

In Asia, where demand accounts for more than half of Japan’s exports, slid by 9.4% as the virus continues to spread.

According to the International Monetary Fund, the global economy is predicted to contract by 3% in 2020 as the virus-led inactivity could cause the steepest decline since the 1930s.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?