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 16 October 2008 02:22 BST

China becomes Japan's top trading partner

Wednesday, 25 Apr 2007 10:30
China is now Japan's biggest trading partner

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China has usurped the United States as Japan's largest trading partner, figures released by the Japanese finance ministry reveal.

In the year to March 31st Japan's total trade with its Asian neighbour totalled 25.43 trillion yen (£107 billion).

A rising demand for Japanese goods in both China and Europe offset the slowdown in the US economy, with trade between Japan and the US for the same period standing at 25.16 trillion yen (£106 billion).

It is the first time that Japan has conducted more trade with China than the US since the second world war.

A growth in exports to China and the weakness of the yen contributed to a 74 per cent rise in Japan's trade surplus over the year.

Japan exported 15 per cent more goods to China last month, while shipments to Europe were up 14 per cent – with a rise in car exports partly responsible for the growth.

In contrast exports to the US, which still remains Japan's largest export market, rose at their slowest pace since the beginning of 2005 – up by just 2.4 per cent.

"While the slowdown in the US economy is becoming clearer, growth in the euro region and China has been offsetting the effect on Japan's exports," commented Azusa Kato, an economist at BNP Paribas Securities Japan.

Trade between Japan and China has also been boosted by the growing number of Japanese firms relocating to take advantage of the burgeoning Chinese economy.

Commenting on Japan's latest trade figures finance ministry official Koichi Nose said the growing trade between the two countries was expected to continue.

"This reflects the gradual shift of production by Japanese firms to China," Mr Nose remarked.
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