Tokyo, Mar 25: Thanks to global recession, Japan's exports fell by nearly half in Feb from a year earlier a record monthly drop.
The relentless slump in overseas demand deepened its grip on the world's second-largest economy, Japanese govt said on Wednesday, Mar 25.
Exports tumbled 49.4 percent from the previous year, the sharpest decline since the Ministry of Finance began compiling comparable data in 1980. Demand plunged in all regions of the world, particularly North America, Europe and Russia.
Japan, which had relied foreign sales of its cars and gadgets to drive economic growth, now finds itself mired in its deepest recession since the end of World War II as consumers and companies around the world slash spending.
The International Monetary Fund expects the Japanese economy to contract 5.8 percent for the 2009 calendar year, though many economists predict it could be far worse.
As a result, Japan posted its first trade surplus in five months, breaking a run of four straight months in the red. In Jan, the country posted a record trade deficit of 952.6 billion yen ($9.7 billion).