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Japan exports fall 40.9 percent in May

AP - Wednesday, June 24

TOKYO - Japan's exports in May dropped 40.9 percent from a year earlier, dragged by sinking demand for Japanese goods amid a prolonged global downturn, the government said Wednesday.

Exports to the United States, the world's largest economy, fell 45.4 percent, marking the 21st straight monthly decline, the finance ministry said.

U.S.-bound auto exports nose-dived 54.8 percent in May with Japanese shipments of auto parts down 47.8 percent, underlining the deepening woes in the U.S. auto market.

"Although the pace of decline in exports became moderate, overall exports remained depressed, which squarely reflected the ongoing economic downturn," said Yu Ooki, a finance ministry official.

The May drop in exports compares with the 39.1 percent fall in April from a year earlier.

Japan's exports to the European Union decreased 45.4 percent in May, the ministry said. Asia-bound shipments fell 35.5 percent. Japan's exports to China alone declined 29.7 percent marking the eighth consecutive monthly fall.

Japan's overall exports in May stood at 4.02 trillion yen ($42.2 billion). Imports fell by 42.4 percent to 3.7 trillion yen, resulting in a trade surplus of 299.8 billion yen.

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