Go Finance Reporting in TOKYO - Japan's export performance in May 2011 decreased 10.3 percent compared to same period previous year. Japan hit by massive losses, especially in the automotive sector following the earthquake and tsunami disaster.
As quoted from the Associate Press on Monday (06/21/2011), Japan's exports to 4.76 trillion yen, equivalent to $ 6 billion. While imports rose 12.3 percent to 5.61 trillion yen, so the trade deficit was recorded 853.7 billion yen. It is Japan's second-largest deficit after deficit of 967.9 billion yen in January 2009.
Japanese automobile exports in May fell 38.9 percent and shipments of auto parts fell 18.5 percent because of the earthquake and tsunami that struck on March 11, northern Japan.
The disaster left more than 23,000 people dead and missing, also destroyed hundreds of factories in the northeastern coast of Japan. This forced manufacturers such as Toyota Motor Corp. and Sony Corp. to stop production. Japanese exports to the United States fell 14.6 percent in May. U.S. bound export car nose dived 43.5 percent in the month.
Exports to China, Japan's largest trading partner fell 8.1 percent. As for Asia, exports dropped 8.7 percent, and Japan's exports to the European Union fell 8.8 percent. (GoFinance)
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