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Japan says exports fell 12.5% in April due to quake | Japan says exports fell 12.5% in April due to quake |
(about 1 hour later) | |
Japan's exports dropped by 12.5% in April, from a year earlier, after the earthquake and tsunami in March disrupted factory production. | |
The big fall in exports pulled the country's trade balance into a deficit of 463.7bn yen ($5.6bn ; £3.5bn) last month. | The big fall in exports pulled the country's trade balance into a deficit of 463.7bn yen ($5.6bn ; £3.5bn) last month. |
The deficit was smaller than economists had expected. | The deficit was smaller than economists had expected. |
Japan's imports surged by 8.9% in April from a year earlier, reflecting higher prices for commodities. | Japan's imports surged by 8.9% in April from a year earlier, reflecting higher prices for commodities. |
The country has been forced to import large amounts of fuel, after the 11 March earthquake and tsunami crippled electricity generating plants. | The country has been forced to import large amounts of fuel, after the 11 March earthquake and tsunami crippled electricity generating plants. |
The natural disasters left more than 24,000 people dead or missing. | The natural disasters left more than 24,000 people dead or missing. |
The destruction to factories forced several manufacturers, notably Japan's car makers, to suspend production. | The destruction to factories forced several manufacturers, notably Japan's car makers, to suspend production. |
Junko Nishioka, an economist with RBS Securities Japan, said the trade deficit was likely to continue. | Junko Nishioka, an economist with RBS Securities Japan, said the trade deficit was likely to continue. |
"Japan's economy has already suffered from rising import prices and now production is slumping due to the power shortage, which is a double-whammy for corporate activity," he said. | "Japan's economy has already suffered from rising import prices and now production is slumping due to the power shortage, which is a double-whammy for corporate activity," he said. |
Japan's economy, the world's third largest, slid back into recession in the first three months of 2011, after the devastation caused by the earthquake and tsunami. | Japan's economy, the world's third largest, slid back into recession in the first three months of 2011, after the devastation caused by the earthquake and tsunami. |
Gross domestic product shrank 0.9% in the period between January and March. | Gross domestic product shrank 0.9% in the period between January and March. |
Japan's economy has now contracted for two consecutive quarters, the generally accepted definition of a recession. | Japan's economy has now contracted for two consecutive quarters, the generally accepted definition of a recession. |
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