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2025-09-17 08:34:32
Japan's exports fell in August as automakers faced pressure from higher US tariffs. Japanese government data released Wednesday showed that Japan's exports fell for the fourth consecutive month in August, as higher US tariffs took a toll on the country's auto and other manufacturing sectors. The data showed a 0.1% year-on-year decline in August, worse than the median market forecast for a 1.9% drop, and following a 2.6% drop in July. Exports to the US fell 13.8% year-on-year in August, while exports to China fell 0.5%. Imports fell 5.2% year-on-year in August, compared with a market forecast for a 4.2% increase. As a result, Japan posted a trade deficit of 242.5 billion yen (US$1.66 billion) in August, compared with a forecast of a 513.6 billion yen deficit. In late July, Washington agreed to impose a 15% tariff on nearly all Japanese imports, lower than the initial 27.5% tariff on autos and 25% on most other goods, providing some relief to Japanese exporters. But the impact is still significant, especially for Japanese automakers and auto parts suppliers, as the tax rate is still several times higher than the previous 2.5%. Some economists predict that the decline in exports will drag Japan's economy into contraction in July-September.
