Sharp Decline in Japan's Exports

Japan's exports fell sharply. Exports from the country experienced its strongest decline in May since the 2009 global financial crisis. Due to the coronavirus epidemic, a huge damage has occurred in the global economy. Some countries did not set a growth target after the sharp declines caused by the virus, while others shared their economic data with the public.

Fall Above Expectation

Japan's exports in May, with the decline in vehicle shipments to the US, reached 4.18 trillion yen, down 28.3 percent compared to the same month of 2019. This decline was recorded as the most severe decline since September 2009, when the global financial crisis was experienced. Economists, who made evaluations on the subject, predicted that exports will decrease by 26.1 percent in May. Imports in May were 5.01 trillion yen, down 26.2 percent compared to the same period of 2019. The foreign trade deficit, on the other hand, was 833.4 billion yen, down 13.7 percent compared to the same period of 2019. The expectation for foreign trade was that 1.07 trillion deficit would be given.