japans-march-exports-show-technical-rebound-only

Japan's March exports show technical rebound only

The rebound reflects re-stocking after strong inventory clearances in past months, rather than a sustained recovery, says Credit Suisse economist.

Japan's export rebound in March, after a truly terrible performance at the beginning of the year, is not a sign that the country has steered through the crisis, says Hiromichi Shirakawa, chief economist at Credit Suisse in Tokyo.

Exports fell to 4.18 trillion $42.6 billion in March 2009, a 45.6% decline year-on-year. Crucially though, that is an improvement on February's export figures, which fell a record 49.4% from the same month in 2008. According to Bloomberg News, the consensus among economists was for a 46.4% drop for March.

Also in March, imports dropped by 36.7% to 4.17 trillion and the trade surplus fell 99% year-on-year to 11 billion, the same value as in February. The...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222