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Japan : Virus consequences in world trade
Virus consequences in world trade ;The corona disaster in the United States has long since not only threatened the world's largest economy.
Yazar: Zack Smith
Yayınlanma: 21 Temmuz 2020 14:39
Güncellenme: 21 Eylül 2024 05:47
Japan : Virus consequences in world trade
The corona disaster in the United States has long since not only threatened the world's largest economy. The longer the crisis there ; the stronger the shock waves will reach all trading partners. The Japanese are already facing severe losses.
The industrialized nation Japan ; which, like Germany ; is heavily geared towards foreign trade ; has suffered another setback due to the slump in US business as a result of the corona pandemic. Exports fell in the double-digit percentage range for the fourth consecutive month in June ; according to the data released at the beginning of the week.
Exports collapsed 26.2 percent in June compared to the same month a year earlier ; the Tokyo Ministry of Finance said. In May ; the Japanese posted the largest drop to date since the 2009 financial crisis, at 28.3 percent. The current slump was more serious than expected: economists had expected an average decline of 24.9 percent.
The main reason for the continuing misery is the weak US business: Exports to the world's largest economy ; which was particularly hard hit by the pandemic ; fell by 46.6 percent, with the delivery of cars falling particularly sharply by 63.3 percent. Other export hits such as aircraft engines (minus 56 percent) and vehicle parts (minus 58.3 percent) were also much less in demand in the United States.
Japan : Virus consequences in world trade
Pandemic is weighing heavily on global demand
By contrast, exports to China, Japan's most important trading partner ; only decreased by 0.2 percent. Business with the EU declined by 28.4 percent. "Exports will likely continue to weaken for the time being," said chief economist at Norinchukin Research Institute, Takeshi Minami. That could "lead to a sharp rise in bankruptcies and job losses," he warned. Behind the dramatic increase in the number of cases in the USA, there is also a serious economic crisis, the effects of which are likely to continue to weigh on the global economy for years to come. Japan already has to prepare for an economic downturn: According to experts, the world's third largest economy after the USA and China could shrink by 5.3 percent this year. You might also be interested in :Export Continue to Fall in Japan
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