China now top exporter to Japan
1 March 2003
Japan's imports from China in 2002 rose by 9.9 per cent year-on-year to reach ￥7,720bn, while those from the US fell by 5.9 per cent to ￥7,200bn, making China the world's biggest exporter to Japan for the first time since comparable records started in 1961, according to Japanese customs statistics. The increase was attributed to the growth in Japanese investment in China as manufacturers relocate there to reduce costs.
Japanese exports to China rose by 32 per cent in 2002, much of it consisting of intermediate goods and factory equipment sold to Japanese firms operating there. A high proportion of the output of finished products is exported back to Japan.
