Imports in February hit a record high! Chinese products are widely loved in Japan

Japan's imports from around the world surged 11.8% to 5.82 trillion yen in February, the first increase in 22 months , government data showed on Wednesday .

It is reported that Japan's trade surplus in February was 217.38 billion yen, a decrease of 80.5% from the same period last year, but a profit compared with the deficit of 325.38 billion yen in the previous month.

Imports from China more than doubled compared to February last year .

China was the first major economy to be severely affected by the virus outbreak, which was discovered in the central city of Wuhan in late 2019 , forcing manufacturers to halt domestic production and causing Japan's imports from China to almost halve , leaving a lower base than normal.

After the epidemic in China was brought under control, the epidemic in Japan became relatively serious again , and imports from China rebounded sharply compared with the same period last year.

It is understood that the largest year-on-year increase was in motorcycle spare parts , followed by liquefied petroleum gas, soybeans , mobile phones, headphones, furniture and other products .

In addition, strong exports drove Japan's economic recovery in the early stages of the epidemic , resulting in an annualized real growth rate of 11.7% in the October-December period of the previous quarter for the world's third-largest economy .

However, it is understood that Japan's exports fell for the first time in February this year , with the total exports in February being approximately 6.03 trillion yen, or approximately US$55 billion.

Japan ’s goods exports fell 4.5% in February from a year earlier, the first decline in three months, as demand for products such as cars from the United States remained sluggish during the prolonged pandemic.

Exports fell to 6.04 trillion yen, with a 14.0% drop in shipments to the United States and a 3.3% drop in shipments to the European Union offsetting a 3.4% increase in exports to China, the Ministry of Finance said in a preliminary report .

Broken down by item, exports of motor vehicles fell 12.9%, exports of mineral fuels such as diesel fell 40.7%, exports of ships fell 27.5%, and exports to the United States fell for the fourth consecutive month, with the pace of decline accelerating from 4.8% in January.

Now, whether it is imports or exports , the performance of the Chinese market is very eye-catching. I believe that after the new crown epidemic is brought under control, exports will perform even stronger.

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