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Japan’s exports fell in July for 8th straight month

Business

In this March 5, 2019, photo, cars for export park at a port in Yokohama, near Tokyo. Government data show Japan’s exports fell for the eighth straight month in July as worries continued about President Donald Trump’s trade policies denting Asian economic growth. (AP Photo/Koji Sasahara)

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TOKYO (AP) — Japan’s exports fell for the eighth straight month in July as worries continued about President Donald Trump’s trade policies denting Asian economic growth.

Ministry of Finance data released Monday showed exports and imports fell in July, compared to the same month a year ago. Exports fell 1.6%, while imports slid 1.2%, resulting in a trade deficit of 249.6 billion yen ($2.35 billion).

Global markets have been in turmoil because of Trump’s trade war with China. A slowdown in China is certain to hurt other regional economies, including Japan’s.

Japan’s exports to China in July fell 9.3% while its imports from China gained 2.8%. Japan’s exports to the U.S. in July grew 8.4% while imports from the U.S. rose 3.5%.

Trump says he plans to impose 10% duties on an additional $300 billion of Chinese imports to the U.S., extending penalties to almost everything the United States buys from China.

Japan is also entangled in a trade dispute with neighboring South Korea.

Japan’s exports to South Korea in July dipped 6.9% while imports slid 8.6%.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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