News
The Japan External Trade Organization (JETRO) said in its survey report unveiled Friday that Japan’s total trade with China dropped 6.5% to US$311.995 billion in 2013, down for the second consecutive year.
According to Jetro, Japan's exports to China fell 10.2% to US$129.883 billion, posting a double-digit decline for the second straight year, while imports from China fell 3.7% to US$182.112 billion, making the first drop since 2009. Japa's balance of trade logged a deficit of US$52.229 billion.
As a result, Japan’s deficit with China was recorded as the highest ever, up 17.8% from the previous year.
Also, Japan’s total exports with the world decreased 10.2% from the year earlier to US$719.332 billion. China’s contribution ratio in export fluctuation to the world was the largest ever as a single country with minus 1.9 points. The drop in exports to China became a major reason for Japan’s decreased exports.
In 2014, Jetro predicts that Japan-China trade value will increase slightly after the second straight year of decline as the imports from China are expected to increase on the back of continued strong demand for smartphones, an expected growth of imports for auto components in line with development of local production and Japan’s economic recovery.
