Japan posted its worst September trade figures in more than 30 years, official data showed on Monday, as the global slowdown and a territorial spat with China weighed on the world’s third-largest economy.
Tokyo posted a monthly trade deficit of 558.6 billion yen (HK$54.6 billion), reversing a year-earlier surplus of 288.8 billion yen, data from the finance ministry showed, as overall exports fell 10.3 per cent on-year.
It was the first deficit for the month of September since 1979, when comparable data became available, as demand for everything from chemicals and cars to medical products and computer parts fell away.
Imports rose 4.1 per cent due to higher energy imports following nuclear plant shutdowns after last year’s Fukushima atomic crisis. Nuclear power once supplied about one-third of Japan’s energy needs.
Japan’s export-driven economy is struggling to right itself following the March last year earthquake and tsunami disaster, while also suffering from Europe’s debt crisis, slowing Chinese demand and the strong yen.
Shipments to China, which is Japan’s biggest trading partner, tumbled 14.1 per cent as demand dropped for Japan-branded products including industrial machinery and cars while a broader economic slowdown in China factored into the weak figures.