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| Japan's exports halve in February |
| AP/ PTI / Tokyo Mar 25, 2009, 13:43 IST |
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Japan's exports fell by nearly half in February from a year earlier, a record monthly drop, the government said today, as the relentless slump in overseas demand deepened its grip on the world's second-largest economy.
Exports tumbled 49.4 per cent from the previous year, the sharpest decline since the Ministry of Finance began compiling comparable data in 1980. Demand plunged in all regions of the world, particularly North America, Europe and Russia.
Japan, which had relied foreign sales of its cars and gadgets to drive economic growth, now finds itself mired in its deepest recession since the end of World War II as consumers and companies around the world slash spending.
The International Monetary Fund expects the Japanese economy to contract 5.8 per cent for the 2009 calendar year, though many economists predict it could be far worse.
The slowdown in the domestic economy has also sapped imports, which fell 43 per cent in February from a year earlier.
As a result, Japan posted its first trade surplus in five months, breaking a run of four straight months in the red. In January, the country posted a record trade deficit of $9.7 billion.
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