Japan's Auto Exports Down 40 Pct In September Due To Semiconductor Shortage
TOKYO, (UrduPoint / Pakistan Point News - 20th Oct, 2021 ) :Japan's auto exports dropped 40.3 percent in September from the previous year, as the COVID-19 pandemic disrupted the supply chain in Southeast Asia and a worldwide semiconductor shortage forced domestic automakers to cut production, government data revealed Wednesday.
According to a preliminary report by the Finance Ministry, car shipments logged the first year-on-year decline in seven months and the largest drop since a dive of 49.9 percent in June last year during the initial shock of the pandemic, and may hinder the country's economic recovery.
The tumble in car exports led to a slowdown in rise of Japan's overall goods exports in the reporting month. The total shipments in September saw a 13.0 percent increase from the previous year and stood at 6.84 trillion Yen (60 billion U.S. Dollars), compared with gains of 26.
As a result, Japan's trade balance showed a deficit of 622.76 billion yen (5.4 billion dollars), turning into red ink from a surplus of 667.36 billion yen (5.8 billion dollars) a year ago for the second consecutive month.