Published 11:00 IST, August 19th 2020
Japan's exports plunge amid crush from coronavirus pandemic
Japan’s exports plunged 19.2% in July from a year earlier, as the coronavirus pandemic sapped global demand for goods from the third largest economy, government data showed Wednesday.
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Japan’s exports plunged 19.2% in July from a year earlier, as coronavirus pandemic sapped global demand for goods from third largest ecomy, government data showed Wednesday.
Finance Ministry’s provisional numbers showed Japan’s imports fell 22.3% in July.
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Exports to U.S. especially suffered, declining 19.5%. Shipments of plastic goods, iron and steel and computer parts weakened.
But Japan recorded its first tre surplus in four months on back of a recovery in China, where coronavirus outbreak began.
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Exports to China, including metals, paper products and machinery, grew 8.2% in July.
Japan's ecomy is heavily reliant on exports, so weak demand in major overseas markets is constraining its growth. pandemic has caused some plant production to be temporarily halted, squelched tourism and generally hurt ecomic activity.
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ecomy has been in recession for all of 2020 so far even though it has never h full lockdowns. Inste, authorities have encourd people to work from home, wear masks and practice social distancing. Some stores have closed or shortened ir hours.
Japan has reported about 1,100 deaths attributed to COVID-19 so far, fewer than harder hit nations like U.S. and Brazil. Worries are growing over a recent surge in cases, especially in Tokyo and or urban areas.
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11:00 IST, August 19th 2020