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Japan’s exports fell 9.2 percent in October from the year before, the
biggest drop in three years as the U.S.-China trade war and tensions
with South Korea bit into demand.
The tariff war between the United States and China has taken a toll
across Asia, hurting manufacturers and supply chains.
Imports slumped nearly 15 percent, resulting in the country’s first surplus
in four months, according to customs data released Wednesday.
The weaker trade data reflect lower oil prices but also mounting pressure
on the economy from a mainstay of growth at a time when consumers
are adjusting to an Oct. 1 sales tax hike.
Exports to the United States dipped 11 percent from a year earlier in the
third straight month of declines, with weaker shipments of cars, auto
parts and machinery. Imports from the United States fell 17 percent year-
on-year, the Finance Ministry said Wednesday.
Shipments to China, Japan’s biggest export market, dropped 10 percent.
Two-way trade with South Korea in October sank 41 percent, with both
exports and imports falling as relations between the neighbors and U.S.
allies languish at their worst level in decades amid antagonisms over
longstanding historical issues and disputes over high-tech exports.
Overall, imports totaled 6.56 trillion yen ($60.5 billion) while exports were
6.58 trillion yen, leaving a trade surplus of 17.3 billion yen.
Analysts said lower export prices exaggerated the decline, but they
forecast still weaker demand in coming months.
Adjusted for price changes, imports fell only 2.3 percent in October from
the same month a year earlier, Tom Learmouth of Capital Economics
said in a commentary.
That “supports our view that domestic demand was relatively resilient
following the sales tax hike in October,” he said.
But relatively weak global demand suggest that export volumes will fall
further in 2020. Learmouth forecast a 2.7 percent decline in exports in
the coming year after a 2 percent drop this year.
On the domestic front, the increase in the sales tax to 10 percent from 8
percent appears to have had less impact than earlier hikes, economists
say.
A downturn in the high-tech industry, especially for computer chip
makers, also is thought to have bottomed out, raising hopes for a
recovery in that sector.
TRADUCCION
EXPORT EXPORTACION
IMPORT IMPORTACION
DROP CAIDA
TENSION TENSIÓN
BIDIRECTIONAL BIDIRECCIONAL
DECREASES DISMINUSIONES
INDUSTRY INDUSTRIA
CUSTOMS ADUANA
MAIN IDEA
The trade war between the United States and China and tensions with
South Korea have significantly affected international trade between
Asian countries and the United States, which is significantly affected in
its export and import in October compared to the previous year.