Tokyo, Nov. 21 (ANI): Japan's exports have fallen for a fifth straight month after demand in China and the European Union (EU) weakened.
Exports to China declined 11.6 percent and were down by 20 percent to the EU.
A territorial dispute with China resulted in the decline of sales of Japanese goods to its biggest trading partner, while the EU is being hurt by a continuing debt crisis.
According to the BBC, Japan's economy is heavily reliant on exports and a slowdown would hurt growth.
The data comes just weeks after Japan reported that its economy contracted in July to September period.
According to the report, relations between China and Japan have soured after a territorial dispute flared up in September, as the latter purchased disputed islands in the East China Sea.
The move led to widespread anti-Japan protests in China, which turned violent in some areas with people directing their anger at Japanese brands.
October's decline in exports followed a 14.1 percent drop in September, the report said.
Analysts said the row may continue to damage trade between the two countries.
"You can't expect China to drive Japanese exports the way it used to, because of the boycotting of Japanese products there due to a territorial dispute," Takeshi Minami, chief economist at Norinchukin Research Institute in Tokyo, said.
Exports to the EU, meanwhile, have now fallen for 13 straight months. (ANI)
|
|
Comments:
