Japan’s exports plunged an annual 45.7% in January, resulting in a record trade deficit amid collapsing overseas demand for the country’s cars and electronics, reports Bloomberg.  The shortfall widened to Y953bn ($9.9bn), the most since comparable records started in 1980. The January drop in exports eclipsed December’s record 35% annual decline. GDP shrank at an annual 12.7% pace last quarter, the most since the 1974 oil shock.

This entry was posted by Gwen Robinson on Wednesday, February 25th, 2009 at 4:29 and is filed under Capital markets. Edit this entry.