Japan’s exports plunged a record 49.4% in February from a year earlier, amid waning global demand for the country’s cars and electronics, reports Bloomberg. Shipments to the US, Japan’s biggest market, slid a record annual 58%. The collapse signals GDP may shrink this quarter at a similar pace to the annualised 12.1% contraction posted the previous quarter, the sharpest since 1974.

This entry was posted by Gwen Robinson on Wednesday, March 25th, 2009 at 4:28 and is filed under Capital markets. Tagged with japan. Edit this entry.