JAPAN EXPORTS SINK THE MOST SINCE 2009
Japan’s exports have sunk as the world grapples with the COVID-19 pandemic and the trade rivalry between China and the US frazzles global markets, according to a story written by Tetsushi Kajimoto for Reuters on May 21, 2020.
Kajimoto said exports fell the most since the 2009 global financial crisis in April as the coronavirus pandemic gutted world demand for cars, industrial materials and other goods, likely pushing the world’s third-largest economy deeper into recession. Policymakers are also considering cash injections for companies of all sizes.
Ministry of Finance (MOF) data on Thursday showed Japan’s exports fell 21.9% in April year-on-year as U.S.-bound shipments slumped 37.8%, the fastest decline since 2009, with car exports there plunging 65.8%.
The fall was the biggest since October 2009 during the global financial crisis, but slightly less than a 22.7% decrease seen by economists in a Reuters poll. Exports fell 11.7% in March. #coronavirusimpact #COVID19