Subscribe free to our newsletters via your
. GPS News .




TRADE WARS
Japan's US-bound exports overtake China shipments
by Staff Writers
Tokyo (AFP) Dec 19, 2012


Japan's US-bound exports overtook shipments to China last month, official data showed Wednesday, as a new government in Tokyo vows to stand its ground in a bitter diplomatic dispute with Beijing.

Shipments to China tumbled 14.5 percent in November as demand for everything from cars to construction equipment fell away, while an improving US economy helped boost the flow of Japanese goods 5.3 percent on-year.

The result pushed exports to the US ahead of those to China for the first time in nearly a year, although Beijing remained Tokyo's biggest overall trade partner despite their simmering dispute over an East China Sea island chain.

The data "reflects the soundness of the US economy and brisk sales of Japanese cars there, but whether US exports will keep this pace depends on the settlement of the fiscal cliff," said Ayumi Maekawa, senior economist at Tokyo-based Mizuho Research Institute, referring to the US budgetary impasse.

"China's domestic demand is still weak but if its public spending increases that could boost exports of products like Japanese-made steel."

Overall, Japanese exports fell 4.1 percent while imports edged up 0.8 percent, translating into a $11.3 billion trade deficit for November, the fifth straight monthly shortfall and a record for the month.

Exports to Europe -- a key market for Japanese goods -- were off almost 20 percent as demand on the debt-strapped continent sagged.

"Japan's trade deficit is likely to continue for the time being as the European economy is weak," Maekawa said.

The gloomy data for Japan, which may have slipped into recession last quarter, comes days after the conservative Liberal Democratic Party swept to an electoral victory at the weekend.

Hawkish LDP leader Shinzo Abe has pledged to take a hardline stance in the dispute with China that flared badly in September after Tokyo nationalised the Senkakus, which Beijing refers to as the Diaoyu islands.

The dispute set off a bitter diplomatic row, huge anti-Japan protests across China and a consumer boycott that weighed heavily on China sales of well-known Japanese brands, including those of top automakers Toyota, Nissan and Honda.

However, sagging demand for goods such as construction equipment -- less likely to be influenced by the consumer boycott -- may also reflect uncertainty about the pace of growth in China's economy, the world's second-biggest after the US.

In a bid to reflate Japan's economy, Abe has pledged to boost infrastructure spending and pressure the Bank of Japan (BoJ) into more aggressive easing measures.

The central bank starts a two-day policy meeting Wednesday with the yen tumbling in recent weeks on speculation that an under-pressure BoJ will take some kind of policy action.

Last week, the bank's quarterly Tankan survey showed confidence among Japanese manufacturers hit a near three-year low in the final months of 2012, adding to concerns about the already weak economy, still struggling to cement a recovery after last year's quake-tsunami disaster.

All but two of Japan's 50 nuclear reactors remain offline after the atomic crisis at Fukushima, which has seen Japan's energy bills soar as it turned to pricey fossil-fuel alternatives to plug the gap.

Japan's economy contracted in the July-September quarter and possibly in the previous three months. If confirmed that would mean it is in recession.

Wednesday's data showed Japan's trade deficit last month expanded nearly 38 percent to 953.4 billion yen ($11.3 billion) from a year-earlier deficit of 691.2 billion yen.

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








TRADE WARS
Foreign investment in China falls again in November
Beijing (AFP) Dec 18, 2012
Foreign direct investment in China fell in November for a sixth straight month, the government said Tuesday with the outlook expected to remain weak in 2013 due to global uncertainties. Overseas companies invested $8.29 billion in factories and other projects in China last month, down 5.4 percent from a year ago, commerce ministry spokesman Shen Danyang said at a regular news conference. ... read more


TRADE WARS
Three Bacterial Strains Common to Grapevines and Sugarcane Decoded

Soil determines fate of phosphorous

Building better barley

Argentine corn exports blocked by China

TRADE WARS
Stretchable electronics

Novel NIST process is a low-cost route to ultrathin platinum films

Dreidel-like dislocations lead to remarkable properties

Tiny compound semiconductor transistor could challenge silicon's dominance

TRADE WARS
Upgraded MiG-29s supplied to India

BAE says Saudi jet deal facing unresolved 'issues'

Embraer, Astronics collaborate on KC-390

Bulgaria to modernise air force

TRADE WARS
Volvo Cars says avoiding loss this year 'very difficult'

New Factor could Limit the Life of Hybrid and Electric Car Batteries

Ultrasound can now monitor the health of your car engine

Chinese firm to build electric cars in Bulgaria: report

TRADE WARS
US, China talk trade amid transitions

Australia's Lynas wins appeal against Malaysian operations

Japan's US-bound exports overtake China shipments

AIG raises $6.45 bn in final stake sale of insurer AIA

TRADE WARS
Cloud forest trees drink water through their leaves

More bang for bugs

If you cut down a tree in the forest, can wildlife hear it?

Warming climate unlikely to cause extinction of ancient Amazon trees

TRADE WARS
China launches Turkish EO satellite

Google Maps driving Apple iOS upgrades

Google Maps returns to iPhone after Apple fiasco

Shadows on ice: Proba-1 images Concordia south polar base

TRADE WARS
Nanocrystals Not Small Enough to Avoid Defects

Nature Materials Study: Boosting Heat Transfer With Nanoglue

New optical tweezers trap specimens just a few nanometers across

How 'transparent' is graphene?




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement