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| Japan's February exports halved | Japan's February exports halved |
| (about 2 hours later) | |
| The latest economic figures from Japan show exports in February were down by a record 49.4% compared with the same month a year earlier. | |
| The world's second largest economy is suffering badly in the downturn as demand for its products have collapsed. | The world's second largest economy is suffering badly in the downturn as demand for its products have collapsed. |
| The new data follows figures for January which showed year on year exports nearly halved that month too. | The new data follows figures for January which showed year on year exports nearly halved that month too. |
| Exports are important for Japan, so the global downturn is affecting the country particularly badly. | Exports are important for Japan, so the global downturn is affecting the country particularly badly. |
| It was a new record after a fall of 45.7% in January. | It was a new record after a fall of 45.7% in January. |
| Demand for Japanese products is collapsing around the world as fearful consumers cut back. | Demand for Japanese products is collapsing around the world as fearful consumers cut back. |
| Exports of cars were down by more than 70%. | Exports of cars were down by more than 70%. |
| But Japan's trade balance was in surplus in February after a record deficit in January, because the decline in exports was offset by a sharp fall in imports. | But Japan's trade balance was in surplus in February after a record deficit in January, because the decline in exports was offset by a sharp fall in imports. |
| Japan's economy shrank by an annualized 12.1% in the last three months of 2008, the biggest contraction among developed countries. | Japan's economy shrank by an annualized 12.1% in the last three months of 2008, the biggest contraction among developed countries. |
| The government is working on a third stimulus package which local media reports have estimated will be worth 20 trillion yen ($200bn, £136bn). | The government is working on a third stimulus package which local media reports have estimated will be worth 20 trillion yen ($200bn, £136bn). |