Japan’s exports fell 11.1% last year, the third drop in history

According to the website of Japan economic news on January 21, Japan’s overall exports will drop by 11.1% in 2020. Japan’s export volume for the whole year was 68.4067 trillion yen (about 661.5 billion US dollars), a year-on-year decrease of 11.1%, according to the report, citing the trade statistics express for 2020 released by Japan’s Ministry of Finance on the 21st. In the context of covid-19 epidemic spreading globally, Japan’s auto exports have dropped by 20%. The overall export volume recorded the third largest decline in history. At present, exports have recovered, but the outlook is still unclear. Previously, Japan’s biggest drop in exports occurred in 2009 after the Lehman crisis, when exports fell 33.1%, the report said. The second largest decline in history occurred in 1986 after the Plaza Agreement, when exports fell by 15.9%. Although there was no rapid appreciation of the yen against the US dollar as in the past crises, exports still fell sharply. Japan’s exports to the U.S. and the European Union also declined due to the decline in exports of complete vehicles and parts, the report said. Exports to the US fell 17.3% year on year to 12.6125 trillion yen. In terms of exports to Asia, besides auto parts, exports of steel products and chemical raw materials also declined, the report said. However, Japan’s exports to China increased by 2.7% to 15.0829 trillion yen. Exports of non-ferrous metals and automobiles increased. In addition, Japan’s imports in 2020 will drop by 13.8% to 67.732 trillion yen.

(editor in charge: He Xin)

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