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Japan’s exports fell 19.2% in July from a year earlier as the coronavirus pandemic boosted global demand for goods from the third-largest economy, government data showed on Wednesday.
Preliminary figures from the Ministry of Finance showed that Japan’s imports fell by 22.3% in July.
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Exports to the US in particular suffered, falling by 19.5%. Consignments of plastic goods, iron and steel and computer parts were weakened.
But Japan registered its first trade surplus in four months on the back of a recovery in China, where the outbreak of coronavirus began.
Exports to China, including metals, paper products and machinery, grew 8.2% in July.
CHINA’S MANUFACTURING IMPLEMENTATIONS IN JULY, EXPORTS STRENGTHEN
Japan’s economy is heavily dependent on exports, so weak demand in large overseas markets is holding back growth. The pandemic has caused some plant production to be temporarily halted, tourism devastated and general economic activity disrupted.
The economy has been in recession until mid-2020, although it has never had full lockdowns. Instead, authorities have encouraged people to work from home, wear masks and practice social distance. Some stores have closed or shortened their hours.
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Japan has reported over 1,100 deaths so far attributed to COVID-19, less than hard-hit countries such as the US and Brazil. Concerns are growing about a recent rise in cases, particularly in Tokyo and other urban areas.
