Japan's exports likely tumbled at a double-digit pace for the fourth month in a row in June, as the coronavirus epidemic took a heavy toll on global demand and the country's export-led economy, a Reuters poll showed on Friday.
TOKYO - Japan’s exports likely tumbled at a double-digit pace for the fourth month in a row in June, as the coronavirus epidemic took a heavy toll on global demand and the country’s export-led economy, a Reuters poll showed on Friday.
Global demand for cars and other durable goods has plunged since March as the pandemic prompted many countries to lockdown, forcing businesses to shut and people to stay at home. Analysts polled by Reuters expect data on Monday will show Japan’s exports fell 24.9% in June from a year earlier, following a 28.3% fall in May, which was the biggest annual decline since September 2009.
“Both exports and imports are likely to show signs of bottoming out,” said Kenta Maruyama, an economist at Mitsubishi UFJ Research and Consulting.
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