China Trade With Japan Falls 5.1 Percent in 2013

China’s trade with Japan fell 5.1 percent in 2013 from the previous year to $312.5 billion, down for the second straight year, the General Administration of Customs said Friday.

The decline exceeded the 3.9 percent contraction recorded in 2012 and reflects the lingering effects of a bilateral territorial row over a group of uninhabited islands in the East China Sea.

China’s trade with Japan in 2012 fell for the first time in three years owing to a consumer boycott sparked by the Japanese government’s decision in September that year to place the China-claimed Senkaku Islands under state control by purchasing three of the islands from a private Japanese owner.

The figures released Friday also show that China’s overall foreign trade in 2013 grew 7.6 percent from the previous year — up from 2012’s 6.2 percent growth and putting into sharp relief the trade contraction with Japan.

The total value of China’s exports and imports for the reporting year reached $4.16 trillion, topping the $4 trillion mark for the first time. Exports rose 7.9 percent from the previous year to $2.21 trillion in 2013, while imports increased 7.3 percent to $1.95 trillion.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza