THE ASSOCIATED PRESS
June 17, 2020 at 12:35 JST
Cars await export at Kawasaki port, near Tokyo, on July 8, 2019. (AP file photo)
Japan’s exports sank 28 percent in May, while imports dropped 26 percent as the coronavirus pandemic slammed global trade.
The provisional Finance Ministry data, released Wednesday, showed May was the second straight month Japan recorded a trade deficit.
Japan has historically been criticized for racking up a huge trade surplus, not buying enough from the countries flooded with its products. Data show April last year is the last month in which both imports and exports weren’t negative, showing how exports and imports have been falling for more than a year.
Japan’s growth relies on trade and tourism, as well as domestic small and medium consumer-oriented businesses, all of which have been hurt by the travel, stay-home and social-distancing restrictions aimed at curbing the spread of COVID-19.
The falls by nation were pronounced. Exports to the United States plunged by more than 50 percent and those to Australia declined 59 percent. Imports from the United States fell nearly 28 percent while those from Australia were down 29 percent.
Trade with China was recovering to last-year levels, with exports and imports both down about 12 percent.
Japan has already slid into recession, defined as two straight quarters of contraction. The world’s third-largest economy had already slowed in the final quarter of last year before the virus reached a pandemic scale. The current quarter, through the end of June, is expected to show another contraction.
The Japanese government has announced massive bailouts to businesses and cash handouts to prop up the economy. It has also reopened the economy, allowing stores, amusement parks and restaurants to go on as before, while requesting seats be placed farther apart and people wear masks.
The Asahi Shimbun aims “to achieve gender equality and empower all women and girls” through its Gender Equality Declaration.
Let’s explore the Japanese capital from the viewpoint of wheelchair users and people with disabilities with Barry Joshua Grisdale.
This special page portrays the dramatic arrest of Carlos Ghosn and the twists and turns that followed.
This special page reviews what the former Nissan Motor Co. chairman left during his 19 years in Japan.
Baseball star Ichiro Suzuki had much to say on March 21, 2019, the day he hung up his spikes.
This special page details how journalists uncovered shady transactions through Bermuda and other tax havens.