New economic data from Japan on Thursday showed the depth of the slump in global demand, a further bleak sign for a country that depends on exports for much of its growth.
Japan’s exports as measured by value slumped by more than a fifth in April compared with a year earlier, the nation’s Finance Ministry reported. The slump was broad, with shipments to both the United States and Europe down by roughly one-third.
The drop was widely in line with economists’ estimates, according to surveys by Bloomberg and Reuters. But it was still the largest since 2009, when the world was grappling with the financial crisis.
On Monday, Japanese officials said the country’s gross domestic product shrank for the second straight quarter, making it the largest economy to fall into recession thus far amid the outbreak.
@ NYTimes