Japan's Exports Drop Most Since 2009 as Sales to China Fall
- Imports also declined as cheap oil and gas cut energy costs
- Trade deficit was slightly narrower than median forecast
The value of overseas shipments declined 12.9 percent in January from a year earlier, the Ministry of Finance said.
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Japan’s exports fell for a fourth consecutive month and dropped the most since 2009, underscoring continued weakness in an economy that contracted in the final months of 2015.
Exports to China, Japan’s largest trading partner, were down almost 18 percent, driving an overall decline of nearly 13 percent in the value of overseas shipments in January from a year earlier. Imports dropped 18 percent, leaving a 645.9 billion yen ($5.7 billion) trade deficit, the Ministry of Finance said on Thursday.