ECONOMY

Japan’s exports fell in July for 8th straight month

Japan’s exports fell for the eighth straight month in July as worries continued about President Donald Trump’s trade policies denting Asian economic growth. (AP)

Japan’s exports fell for the eighth straight month in July as worries continued about President Donald Trump’s trade policies denting Asian economic growth.

Ministry of Finance data released Monday showed exports and imports fell in July, compared to the same month a year ago.

Exports fell 1.6 percent, while imports slid 1.2 percent, resulting in a trade deficit of $2.35 billion.

Global markets have been in turmoil because of Trump’s trade war with China. A slowdown in China is certain to hurt other regional economies, including Japan’s.

Japan’s exports to China in July fell 9.3 percent while its imports from China gained 2.8 percent. Japan’s exports to the US in July grew 8.4 percent while imports from the US rose 3.5 percent.

Trump says he plans to impose 10 percent duties on an additional $300 billion of Chinese imports to the US, extending penalties to almost everything the United States buys from China.

Japan is also entangled in a trade dispute with neighboring South Korea.

Japan’s exports to South Korea in July dipped 6.9 percent while imports slid 8.6 percent.

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Last Update: Monday, 19 August 2019 KSA 06:55 - GMT 03:55
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