China overtakes US as Japan's biggest export market

Source: Exec Digital USA

Date :8/22/2008 3:51:33 AM

The US has been usurped by China as Japan's biggest export destination.

The value of Japanese exports to China last month went up 16.8 percent, hitting Y1.28 trillion.

Japan's finance ministry said exports to China outstripped those to the US in July, marking the 38th consecutive increase in exports to its Asian neighbor.

The event underlines the Olympic host's emergence as a global economic power.

Exports to the US dropped 11.5 percent to Y1.27 trillion as Japanese car makers struggled to sell to the troubled US market.

Japan's overall exports rose just over eight percent to Y7.63 trillion, but high oil prices saw imports leap by 18.2 percent to Y7.541trillion, the fastest pace in two years.