Photo: Stéfan, Flickr
Earlier we mentioned that the 1.3% shrinkage in Japanese GDP was fairly “good” in that it was better than the 2.6% decline that analysts had expected.And that’s mostly true, but a breakdown of the data from MNI takes some of the shine off.
Exports of automobiles and semiconductors to many regions slumped in the April-June from the previous quarter, he added.
The 4.9% q/q decline in Q2 exports, compared with no growth in Q1, is the largest since -25.3% in January-March 2009 at the height of the global recession triggered by the collapse of Lehman Brothers.
Now obviously a major contributor to the inability to export was the earthquake in March.
And yet on the other hand, the weak export numbers corroborate what we’ve seen from Singapore and Hong Kong, both of which saw negative GDP amid slumping exports.