Exports to Asia plunged almost 37%, while those to China contracted 13.4% in an eighth consecutive monthly decline, underscoring the extent of the slowdown.
Japan exports fell 0.3% in July from a year earlier for the first time since February 2021.Exports to China and Asia are particularly concerning, Keio University professor Sayuri Shirai says.Bloomberg | Bloomberg | Getty Images
Japan posted its first monthly decline in exports in more than 2 years, as weaker demand in its biggest trading partners in China and the rest of Asia dimmed prospects for growth in the world's third-largest economy.provisional data released Thursday by Japan's Ministry of Finance. Exports to Asia plunged almost 37%, while those to China contracted 13.4% in an eighth consecutive monthly decline, underscoring the magnitude of the slowdown in the mainland.
"Luckily at this moment, [the weakness in China exports] is completely offset by increase in exports to U.S. and Europe, but as you know, there are a lot of uncertainties with regard the U.S. and European economies," Sayuri Shirai, an economics professor at Keio University, told CNBC "Japan's domestic demand showed no meaningful improvement, underscored by imports that slumped 13.5% in July.
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