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Japan's exports decline most since 2009 as Covid-19 hits US-bound shipments

The trade data came a day after the Bank of Japan increased its support through lending schemes for struggling businesses to $1 trillion.

PORTS, exports, imports, trade, shipping, ships, economy

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Exports to China, Japan's largest trading partner, fell 1.9% in the year to May, a smaller drop than the prior month's 4% annual decline.

Tetsushi Kajimoto | Reuters Tokyo

2 min read Last Updated : Jun 17 2020 | 9:06 AM IST

Japan's exports fell in May at the fastest pace since the 2009 global financial crisis as U.S.-bound car shipments plunged, bolstering expectations for a deep contraction in the world's third-largest economy this quarter.

Weak global demand for cars and slowing business spending could drag on Japan's export-led economy, even as China-bound trade shows signs of picking up and U.S. and European economies reopen.

The trade data came a day after the Bank of Japan increased its support through lending schemes for struggling businesses to $1 trillion.

Ministry of Finance (MOF) data out Wednesday showed Japan's exports fell 28.3% in the year to May,

Topics : Coronavirus Japan export US Japan trade imports Bank of Japan

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