Above all, exports to China are up
Glimmer of hope for Japan's corona-plagued economy: exports from the world's third largest economy rose again for the first time in a good two years at the end of 2020. Exports in December rose by 2.0 percent compared to the same month last year. Before that, exports had fallen for about two years in a row. However, imports remained weak and fell by 11.6 percent in December.
Exports to China in particular provided relief, increasing by a good ten percent at the end of the year. The People's Republic is the second largest economy in the world and is currently experiencing an economic recovery from the severe slump in the Corona crisis. This is also stimulating growth in other countries through foreign trade. Japanese exports to the US and Europe decreased.
However, the results for 2020 as a whole are fatal for Japan, which is heavily dependent on exports. Compared to the previous year, exports fell by around 11 percent. Imports fell even more sharply by almost 14 percent. Foreign trade is the mainstay of the Japanese economy.
