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China’s imports decline, Japan’s total exports rise, but growth slows | Economy

[Великая Эпоха, 17 ноября 2023 г.](Detailed report by Epoch Times reporter Li Yan) At a time when China’s imports of chips (wafers) and steel fell sharply, Japan’s OctoberExitStill growing for the second month in a row, but at a slower pace.

Data released by Japan’s Ministry of Finance on Thursday (Nov. 16) showed that Japan’s October indexExitAnnual growth was 1.6%, higher than the Reuters survey.economyEconomists had expected growth of 1.2%, but that was lower than September’s 4.3%.

By destination, Japan’s exports to China, its biggest trading partner, fell 4.0% in October from a year earlier, falling for 11 straight months.

Last year through October, Japan’s exports to its main allies, the United States and the European Union, rose 8.4% and 8.9% respectively. Japan’s exports to the United States are at a record high, driven by demand for hybrid vehicles and mining and construction equipment.

However, imports of chip manufacturing equipment into China continue to decline by double digits, limiting supply growth. China faceseconomyAmid recovery difficulties, the United States continues to restrict supplies of chip production equipment to China.

“Without support from volatile goods such as ships and mining equipment, the slowdown in October exports will be more pronounced,” Bloomberg economist Taro Kimura said.

Separate data from Japan’s cabinet showed that Japan’s core machinery orders, considered a leading indicator of capital spending, rose 1.4% month-on-month in September, beating expectations for a 0.9% rise.

Manufacturers surveyed by Japan’s cabinet expect core orders to rise 0.5% from October to December after falling 1.8% in the previous quarter, a positive sign of a recovery in the domestic market.

Global business growth this year is expected to be slower than expected, according to the World Trade Organization. War in the Middle East and Ukraine has further heightened geopolitical tensions, clouding trade prospects.

Taro Saito, director of the economic research department at the NLI Research Institute in Tokyo, said that as China’s economy continues to stagnate and European growth slows, “the U.S. economy may slow, but it will not shrink.”

Overall, Japan’s exports to China fell by the smallest amount since May, but food shipments fell by more than half from the same period last year as Chinese imports continued to decline. However, food exports typically account for only 1% of Japan’s exports to China. But the sharp drop may reflect the impact of China’s seafood ban on Japan.

In 2011, the Fukushima Daiichi nuclear power plant suffered an accident following an earthquake and tsunami. Japan began discharging treated nuclear wastewater into the Pacific Ocean on August 24 this year. China has imposed a complete ban on Japanese seafood due to safety concerns. But this has been questioned by experts.

International trade law expert Henry Gao told the BBC: “The main reason is not security.”

“This is mainly due to Japan’s measures against China (CCP).” He noted that Japan’s relations with the United States and South Korea have become closer in recent years.

Responsible Editor: Lin Yang#

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