TOKYO Japan’s trade surplus dived 99 percent in March from a year earlier as coronavirus woes hit exports to its major trading partners, official data showed Monday. The March surplus came in at 4.9 billion yen ($45.5 million), less than one percent of the year-before figure of 517 billion yen, according to the finance ministry. “Exports to the United States and Europe as well as to China fell as the global spread of virus infections hit demand,” said Takeshi Minami, chief economist at Norinchukin Research Institute. “I’d say this is only the beginning,” he told AFP, predicting exports would come under further pressure. Shipments of automobiles and auto parts fell, while prospects are gloomy for semiconductors even though they managed to log grow th in March, Minami said. “Production activities have stalled with sales of durable goods slack and corporate investment in plants and equipment halted,” he said, adding it was difficult to find good export demand. Overall exports fell 11.7 percent, a drop for the 16th consecutive month, with USbound shipments tumbling 16.5 percent and shipments to China falling 8.7 percent. Exports to the European Union fell 11.1 percent.—AFP
