TOKYO – Japan’s exports sank 11.7% in March as the coronavirus pandemic slammed auto shipments to the U.S. The Finance Ministry said Monday that exports to the U.S.
fell 16.5% in March from a year earlier, while those to China declined 8.7%. Trade has slowed precipitously recently due to travel restrictions and shutdowns aimed at curbing the outbreak of the coronavirus.
The outlook is grim, with the International Monetary Fund forecasting the world economy is heading into its worst slowdown since the 1930s’ Great Depression.
Japan’s overall imports in March also suffered, sinking 5.0%, according to the provisional figures that aren’t seasonally adjusted.