Japan's export growth slowed sharply in December as China-bound shipments fell for the first time in seven months, stoking fears of further slowdown in the global economy and external demand for Japanese shipments
Exports rose 11.5% year-on-year in December after a 20% gain in November, marking the slowest growth since the start of 2022, dragged down by a fall off in sales to China of cars, auto parts and chip-making machinery, Ministry of Finance data showed on Thursday.
"The unexpected stalling of the Chinese economy came on top of slowdown in Europe and America. In the worst case, it may deal a blow to Japanese exports, which could in turn hit Japan's factory output and capital expenditure," said Atsushi Takeda, chief economist at ITOCHU Research Institute. Although the latest wave of infections is expected to have faded by spring in China, it will take time for the world's second largest economy to return to pre-pandemic levels and risks of further COVID waves remain, Takeda said.
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