Free Newsletters - Space News - Defense Alert - Environment Report - Energy Monitor
. Energy News .




TRADE WARS
Japan posts worst October trade data in three decades
by Staff Writers
Tokyo (AFP) Nov 21, 2012


Japan on Wednesday posted its worst October trade figures in over 30 years, underscoring persistent weakness in the world's third-largest economy amid the global slowdown and a spat with China.

Hopes that the nation had cemented its recovery following last year's quake-tsunami disaster are fading fast amid a string of poor economic data, as the European market -- a key buyer of Japanese cars and electronics -- falls away with only a small uptick in shipments to North America.

A territorial row over islands in the East China Sea claimed by Tokyo and Beijing has also affected the trade balance owing to a consumer boycott for Japanese brands, as China-bound car shipments tumbled 82 percent last month.

On Wednesday, finance ministry data showed October's trade deficit nearly doubled to $6.7 billion from a year ago, coming on top of weakening factory output and after Japan's economy shrank in the latest quarter, nudging it towards recession.

The poor figures have heaped pressure on the Bank of Japan to launch further easing measures to stoke growth, with main opposition leader Shinzo Abe saying he wanted the central bank to buy government bonds.

The BoJ, however, held off fresh policy action and kept rates steady on Tuesday, with its chief Masaaki Shirakawa dismissing the proposals from Abe, tipped to become Japan's next prime minister in December elections.

But the bank also warned that it expected Japan's economy to stay "relatively weak for the time being".

"There remains a high degree of uncertainty," it added.

October's trade shortfall came to 549 billion yen, expanding from a year-earlier deficit of 283 billion yen as exports fell 6.5 percent.

That marked Japan's worst October trade figures for the month since 1979, when comparable data became available, and the country's fourth consecutive monthly deficit.

October shipments to China were off 11.6 percent, as car exports plunged.

Japan's top three automakers -- Toyota, Nissan and Honda -- have reported that the row with China has dug into their sales and profits, while major electronics producers have also been sideswiped by fallout from the spat.

"The impact (of the China row) on exports is significant, especially on those of automobiles," Yoshimasa Maruyama, senior economist at Itochu Corp., told Dow Jones Newswires.

Demand for products that supply China's public works projects may help exports going forward, but Japan's post-Fukushima energy bills will cloud the trade picture, said Ayumi Maekawa, senior economist at Mizuho Research Institute.

"China-bound exports will probably pick up but not at a fast pace," she said.

"As the pace of recovery for exports is likely to be slow while imports of crude oil and gas are stuck at certain levels, the trade deficit will probably continue for several more months."

Imports in October were down 1.6 percent from a year ago, but Japan has seen its energy bills soar since shutting its nuclear plants after reactors at the Fukushima Daiichi plant went into into meltdown, spreading radiation over a large area.

Nuclear power once supplied about one-third of Japan's electricity needs.

Only two of its 50 reactors are currently in operation, with the nation turning to pricey fossil-fuel alternatives to plug the energy gap.

Japan's economy has been hit by a litany of other problems, including an export-denting strong yen and a fall-off in demand in debt-riddled Europe, with shipments to the European Union falling 20.1 percent in October.

Exports to the key North American market turned up just 3.4 percent in October while shipments to Asia -- including China, South Korea, Indonesia, Taiwan and India -- were down 4.9 percent as demand slowed in a region that has been a crucial driver of global growth.

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TRADE WARS
Hundreds protest against Myanmar copper mine
Yangon (AFP) Nov 20, 2012
Hundreds of Myanmar villagers, students and monks have joined protests at a Chinese co-owned copper mine which they allege has forced people off their land and polluted the area, activists said Tuesday. In a protest unthinkable just last year when junta rule was replaced by a quasi-civilian government, locals at Monywa in the northern district of Sagaing set up camps near the mine. It is ... read more


TRADE WARS
Poland to invest 24 billion euros in energy by 2020

Analyzing the cost of federal and other renewable energy subsidies in Texas

High Risk Investing - The New Trend in Energy

EC seeks to 'backload' emission allowances

TRADE WARS
Boston said riddled with natural gas leaks

Repsol will drag Argentina through courts

Indonesian foreign oil investment at risk?

Exxon warns on Nigerian production after oil spill

TRADE WARS
Areva commits to Scotland turbine plant

AREVA deploys its industrial plan to produce a 100 percent French wind power technology

Gannets could be affected by offshore energy developments

Scotland approves 85MW Highlands wind farm

TRADE WARS
Silicon Energy Announces Next Gen Solar Photovoltaics

Trina Solar offers certified Building Integrated PV solutions for residential and commercial roofs

Major advance in using sunlight to produce steam without boiling water

PROINSO donates PV products for PV-diesel hybrid energy system

TRADE WARS
Coal mining ruining China uranium deposits

Czechs delay nuclear plant deal over Areva complaint

AREVA hosts second global Nuclear Executive Meeting with the world's leading utilities

Coastal Commission Denies PG and E Seismic Testing Permit

TRADE WARS
White rot fungus boosts ethanol production from corn stalks, cobs and leaves

14,000 Jobs Possible from Military Biofuels Initiative

Airbus, EADS and ENN make a push for new generation aviation fuels

A Better Route to Xylan

TRADE WARS
Mr Xi in Space

China plans manned space launch in 2013: state media

China to launch manned spacecraft

Tiangong 1 Parked And Waiting As Shenzhou 10 Mission Prep Continues

TRADE WARS
Targets for limiting global warming further out of reach: UN

Climate change may increase Europe's north-south divide: EU

Goal of curbing global warming further out of reach: UN

Greenhouse gases rise to record levels in 2011: UN




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement