Japan's total trade with China rose 17.9% year-on-year to $163.2 billion in the first half of 2011, setting a new record on a first half-year basis, according to a report by the Japan External Trade Organization (JETRO). This figure was the second highest on a half-year basis after the $163.5 billion registered in the second half of 2010.
Japan's exports to China rose 14.3% to $78.2 billion while its imports from China rose 21.4 % to $84.9 billion. The increase in imports surpassed that of exports which was affected by the Great East Japan Earthquake. Japan's trade with China posted a $6.7 billion deficit, up 4.3 times year-on-year.
Japan's trade with China posted positive growth also on a monthly basis in the first half of 2011, compared to the same term in 2010. The growth was attributed to an increase in exports to China on the back of the country's continuing economic growth and rising imports from China caused by an increasing domestic demand in Japan for Chinese finished goods and parts.
The growth in Japan's trade with China was larger than that for the country's overall trade (8.0%). As a result, the share of Japan-China trade rose 0.5 points to 20.6% of Japan's total trade from 20.1% in the previous year. Of the figure, the share of Japan's exports to China set a record: reached 20.0% of the country's total exports for the first time on a first half-year basis, while the share of Japan's imports from China slightly decreased 0.4 points to 21.1% of the total imports on a year-on-year basis. China, however, remains Japan's largest trading partner in terms of imports, exports and total trade.© JCN Newswire