Ugly all around for Japan, but the relative strength of the Chinese economy to that of the U.S. is rather telling / interesting. Bloomberg reports:
Japan’s exports fell 46.5 percent in March from a year earlier, today’s report showed, after declining a record 50.4 percent in February. Imports slid 37.8 percent, compared with an unprecedented 44.9 percent drop the previous month.
Shipments to China sank 31.6 percent in March, after falling 39.7 percent in the previous month, according to a separate trade report released last month. Exports to the U.S. fell 51.4 percent after dropping 58.4 percent in February. Today’s figures don’t include regional breakdowns.
“China’s economy has started rebounding, but the emerging economies on the whole aren’t strong enough to lead the world economy,” RBS’s Nishioka said. “Capital probably won’t flow back into the emerging nations unless the industrialized countries return to growth.”