Monday, Aug 03, 2020 | Last Update : 08:07 PM IST

132nd Day Of Lockdown

Maharashtra44122827680915576 Tamil Nadu2576131964834132 Andhra Pradesh158764828861474 Delhi1376771233174004 Karnataka134819577252496 Uttar Pradesh92921533571730 West Bengal75516527301678 Telangana6766048609551 Gujarat63675466892482 Bihar5727036637322 Rajasthan4441031216706 Assam4290532385105 Haryana3651929690433 Odisha3491321955236 Madhya Pradesh3353523550886 Kerala259121446383 Jammu and Kashmir2141613127396 Punjab1785311466423 Jharkhand121884513115 Chhatisgarh9608699158 Uttarakhand7593443786 Goa6530466853 Tripura5248346323 Puducherry3806230952 Manipur283117377 Himachal Pradesh2654150813 Arunachal Pradesh19359693 Nagaland19356484 Chandigarh111769819 Meghalaya8742645 Sikkim6582891 Mizoram4702580
  Business   In Other News  21 May 2020  Recession-hit Japan's exports, imports fall due to pandemic

Recession-hit Japan's exports, imports fall due to pandemic

AFP
Published : May 21, 2020, 10:22 am IST
Updated : May 21, 2020, 10:22 am IST

The drop in exports is the worst since the 2008 financial crisis, as export-dependent Japan struggles to juggle the health risks of COVID-19

 Japan's exports plunged nearly 22 per cent in Apri. (AFP)
  Japan's exports plunged nearly 22 per cent in Apri. (AFP)

TOKYO: Recession-hit Japan's exports plunged nearly 22 per cent in April, the country's worst drop in more than a decade as the coronavirus pandemic slammed global demand.

The Finance Ministry also said Thursday that imports fell 7 per cent.

 

The drop in exports is the worst since the 2008 financial crisis, as export-dependent Japan struggles to juggle the health risks of COVID-19 with the dire need to keep the economy going.

Like many other nations, Japan has asked people to work from home and maintain social distance to stop the virus from spreading. The government initiative was eased this month in regions with few or no new infections, though it remains in place for Tokyo and some other areas.

For April, exports totaled 5.2 trillion yen (USD 48 billion), down from nearly 6.7 trillion yen the same month in 2019. Imports dropped to 6.1 trillion yen (USD 57 billion) from 6.6 trillion yen.

 

Exports fell most dramatically to the US, India, Australia, South America, Russia, Iran and Italy. Exports also declined to China, where the outbreak began.

By sector, exports were lower in vehicles, machinery, chemicals and textiles. Imports edged down in iron and steel products, food such as fish and cereal, and computer parts.

Japan is in a technical recession after a contraction that began in the last quarter of last year deepened in the January-March quarter. Analysts say worse may be ahead, given the economic pain of the pandemic may be prolonged.

Tourism and travel had dwindled. Restaurants are closed or resorting to takeouts, and those that stay open are seeing fewer customers.

 

Even before, the world's third-largest economy barely eked out growth over some periods. The recent trade conflict between China and the US also hurt Japan.

Tags: recession, japan, exports, imports, coronavirus pandemic