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Japan's February exports halved Japan's February exports halved
(about 1 hour 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. Japan's exports saw a record plunge in February, falling by nearly half compared with a year earlier, according to the country's finance ministry.
The world's second largest economy is suffering badly in the downturn as demand for its products have collapsed. Exports were down 49.4% compared with the same month a year earlier, though these were in line with forecasts.
The new data follows figures for January which showed year on year exports nearly halved that month too. The latest data comes after figures for January showed year-on-year exports nearly halved that month as well.
Exports are important for Japan, so the global downturn is affecting the country particularly badly. The world's second-largest economy is suffering in the downturn as demand for its products has collapsed.
It was a new record after a fall of 45.7% in January. Exports in January declined 45.7% year-on-year.
Demand for Japanese products is collapsing around the world as fearful consumers cut back. Japan, which is especially reliant on exports, has been hit as consumers worldwide tighten their belts in a move to cut costs.
Exports of cars were down by more than 70%. "Japanese growth was exclusively dependent on exports," said Professor Noriko Hama at Doshisha Business School in Kyoto.
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. "It was natural that Japan would be hit a lot more severely than other countries."
Japan's economy shrank by an annualized 12.1% in the last three months of 2008, the biggest contraction among developed countries. Car exports dropped more than 70% for February. Car firms are cutting jobs and reducing shifts in response to slowing demand.
The government is working on a third stimulus package which local media reports have estimated will be worth 20 trillion yen ($200bn, £136bn). But on the upside, 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, which were 43% lower for the month.
This surplus last month, which reached 82.4bn yen ($841m), was the first in five months.
Japan, which is officially in recession, saw its economy contract by an annualised 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.
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