Saturday, October 10, 2009

A LOOK BACK TOWARD THE ASIAN EXPORT



The export figures of Japan took a bad hit again envisaging a bleaker economic growth in 2009. - Japan's exports tumbled by a record 35% in December as per the Ministry of Finance declared on Thursday,It is also making clear signals that in more job cuts across the sectors will take place which will increase the benefit bill of the economy.

Japan posted a trade deficit of 320 billion yen ($3.56 billion) in December, wider than a 225-billion yen deficit in November. This marked the third straight month in which the value of imports exceeded that of exports.

Overallexports totaled 4.83 trillion yen in December, down from 7.43 trillion yen a year earlier. The pace of the decline was fastest since the ministry started tracking trade data in the current form in 1980.

For all of 2008, Japan's trade surplus shrank 80% to 2.16 trillion yen, as exports fell 3.4% and imports grew 7.9%, as per the ministry declarations. Factory output dropped 8.5 percent in November, the most in more than a half century, and machinery orders, an indicator of future capital spending, fell by the most ever. One of its prime segment of steel have equally shared the set backs of the economy. Japanese crude steel production in December 2008 plunged by 27.9% YoY to 7.48 million tonnes, posting the steepest fall since comparable data became available in January 1949.

South Korea's economy shrank a more-than-forecast 5.6% in the fourth quarter, its worst performance in a decade. The fresh data reflect a rapid drying-up of overseas orders of Korean-made manufactured components and finished products. Korea's goods exports fell a seasonally adjusted 11.9% from the previous three-month period -- the biggest decline since the 1979 first quarter. Exports were down 11.5% from the same period a year earlier.

It is well clear that until the economy of the west along with Europe revives back it will hard for the rest of the world to stop the plummeted economy .As we should not forget that as globalization has developed the more dependence on each others economy have grown significantly.

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