Japan: Exports Decline Again

November 21st, 2012
in econ_news, syndication

Econintersect:  October produced a decline in Japanese exports of 6.4% year-over-year in October.  The drop was much sharper than the consensus of breaking-news-130pxeconomists, which had been 4.9%.   This was the fifth month in a row that exports have declined.  The weakening global economy contributed to the continuing decline for Japan's export dependent economy.  But the largest contributor to the decline came from China, for which exports declined by 11.6% (annual rate) in October, following a 14.6% drop in September.  The continued weakness in exports fans new concerns about a Japanese recession.

Follow up:

The third quarter saw a 3.5% annual rate of decline for Japan's GDP.  Bloomberg reports:

“There’s no doubt that Japan’s economy is already in a recession,” said Kiichi Murashima, chief economist at Citigroup Inc. in Tokyo. “Political pressure for further monetary easing is building, and we expect the BOJ to take additional measures in January.”

In 2012 only April, May and June have had exports higher than the corresponding month in 2011.


Note: The latest data has not been added to the above graphic from Trading Economics.

John Lounsbury


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