According to a report from the German News Agency Tokyo on April 19, Tokyo said on the 19th that Japan’s exports in March this year increased by 16.1% year-on-year to 7.38 trillion yen (approximately US$67.9 billion), driven by China’s strong economic recovery. Growth for the first time in two months.
A preliminary report issued by the Ministry of Finance of Japan shows that Japan’s exports to China, its largest trading partner, increased by 37.2% year-on-year to 1.63 trillion yen.
reported that this is the ninth consecutive month of growth in Japan’s exports to China.
The report also said that the Chinese economy was affected by the new crown epidemic last year, but the growth rate reached a record 18.3% in the first quarter of 2021.
According to a report by the Nikkei on April 20, the 2020 trade statistics bulletin released by the Ministry of Finance on the 19th reflects the reality that the Japanese economy is increasingly dependent on exports to China. Exports to China accounted for 22.9% of Japan's total exports, a record high in the past ten years. China has surpassed the United States to become Japan's largest export market. If the U.S.-China confrontation spreads to the trade area, it may become a serious obstacle to the Japanese economy's escape from the impact of the new crown epidemic.
reported that Japan’s total exports in 2020 fell by 8.4% year-on-year to 69,497.3 billion yen, but exports to China, which was the first to recover from the epidemic, have resumed positive growth since the summer of 2020.
In 2020, Japan’s total exports to China increased by 9.6% to 1,589.9 billion yen. Among the 36 major economies for which the Ministry of Finance of Japan has statistics, only Mainland China, Taiwan and Switzerland have achieved positive growth.
Since 2010, the proportion of exports to China in Japan’s foreign exports has been maintained in the range of 17% to 19%. In recent years, it has basically remained at the same level as exports to the United States. However, exports to China in 2020 exceeded 20% in one fell swoop. Due to a sharp decline in auto exports, exports to the United States fell by 17.9% during the same period.
The report also said that in terms of import volume, the proportion of Chinese products exported to Japan in Japan's total imports has also increased from 22.9% in 2019 to 27% in 2020, setting a new historical record.
The report pointed out that the Biden administration has formulated a large-scale fiscal expenditure plan. In the medium and long term, Japan’s exports to the United States may increase again. However, the forecast of the International Monetary Fund also shows that from 2021 to 2022, China’s economic growth rate will be higher than that of the United States, and the presence of China’s economy will continue to rise in the future.