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Japan exports to China fall 14.1% due to island row
By Wang Yanlin |
October 22, 2012, Monday
|
Online Edition
Online Edition
JAPAN'S exports to China slumped amid the dispute over the Diaoyu Islands, threatening Asia's overall economic performance.
Shipments to China from Japan fell 14.1 percent from a year earlier to 953.8 billion yen (US$11.9 billion) in September, the weakest since January and a decline for the fourth straight month, data from Japan's Finance Ministry showed today.
In particular, shipments of heavy machinery dropped 48.7 percent year on year; automobiles decreased 44.5 percent and car parts lost 17.5 percent in September.
Economists warned the escalating diplomatic row between China and Japan -- the world's second-largest and third-largest economies -- may put Asia's growth at risk.
According to China's General Administration of Customs, trade between China and Japan contracted 1.8 percent in the first three quarters, compared with an overall growth of 6.2 percent in the region.
Shen Danyang, a spokesman at China's Ministry of Commerce, last week called for a normalization of economic relations between China and Japan.
"If Japan can correct its mistake and create a healthy environment for trade and investment with China, there is still hope for further cooperation," Shen said.
According to an online survey by Global Sources, more than 30 percent of Chinese companies that have business with Japan said the political row will affect their exports by up to 10 percent this year.
It is estimated that the overall loss of China's exports is between US$7.4 billion and US$14.8 billion, depending on how the conflict will evolve.
Shipments to China from Japan fell 14.1 percent from a year earlier to 953.8 billion yen (US$11.9 billion) in September, the weakest since January and a decline for the fourth straight month, data from Japan's Finance Ministry showed today.
In particular, shipments of heavy machinery dropped 48.7 percent year on year; automobiles decreased 44.5 percent and car parts lost 17.5 percent in September.
Economists warned the escalating diplomatic row between China and Japan -- the world's second-largest and third-largest economies -- may put Asia's growth at risk.
According to China's General Administration of Customs, trade between China and Japan contracted 1.8 percent in the first three quarters, compared with an overall growth of 6.2 percent in the region.
Shen Danyang, a spokesman at China's Ministry of Commerce, last week called for a normalization of economic relations between China and Japan.
"If Japan can correct its mistake and create a healthy environment for trade and investment with China, there is still hope for further cooperation," Shen said.
According to an online survey by Global Sources, more than 30 percent of Chinese companies that have business with Japan said the political row will affect their exports by up to 10 percent this year.
It is estimated that the overall loss of China's exports is between US$7.4 billion and US$14.8 billion, depending on how the conflict will evolve.
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