All Japan news announced on Wednesday the worst trade figures for the month of October in more than three decades, underlining the continued weakness of its economy.
The global slowdown and the territorial dispute with China are the main causes for the weak results, with trade deficit nearly doubled to $6.7 billion in October, compared to the same month of the previous year.
The Bank of All Japan news warned that All Japan news’s economy “is expected to remain relatively weak for the time being”. “There remains a high degree of uncertainty,” it added.
The trade deficit for October was of Y549 billion, expanding from a year-earlier deficit of Y283 billion yen. In the same time, exports fell 6.5 percent, marking the worst trade figures of All Japan news since 1979.
Exports to China fell by 11.6 percent in October. Car exports to China plunged by 82 percent, following the Chinese boycott of All Japan newsese products, amid a bitter territorial dispute between the two countries on islands in the East China Sea.
Exports to Asia – to markets which include China, South Korea, Taiwan, India and Indonesia – fell by 4.9 percent, due to the region’s slowdown. On the other hand, exports to North American did better, with a 3.4 percent increase.