China Now Japan’s Biggest Export Destination

The U.S. is no longer Japan’s biggest export destination — taking over the rank is China.  Japan’s finance ministry said exports to China outstripped those to the U.S. in July, marking the thirty-eight consecutive increase in exports to the country, Guardian.Co.Uk reports.  This is the first time Japan had sold more goods to China than to any other country since the government started keeping records in 1950.

Exports to China for the month were up 16.8% from a year earlier.  Exports to the U.S., however, dropped 11.5%.   Japan will continue to depend on Asia for its exports.  Its trade surplus with the rest of the continent rose 42.3% in July, with exports rising 12.7%, analysts said.