Statistics lately released by the Japan Ministry of Finance indicate that China has replaced EU for the first time to become Japan's second largest trade partner only after the United States, as Japan's imports from China last year increased dramatically to 5097.5 billion yen by a 7.4 percent rate over 1998.
Among China's exports to Japan in 1999, fiber products and costumes increased at the fastest rate of more than 10 percent over the previous year and ranked first in the country's total export value, accounting for 30.6 percent. Second came IT related office equipment and electronic parts and components, which saw a sharp rise. Computers imported from China climbed by 18.3 percent, and electronic parts and components by 55.9 percent.
Analysts maintain that Japan's economic recovery and rapid Asian economic development have provided a good external environment for expanded export of Chinese commodities. On the other hand, gradual improvement in the quality of Chinese exports and their competitive prices are the direct reasons for increase in China's exports to Japan. To enhance their international competitiveness, Japanese enterprises will further shift their production bases to China and other Asian countries, and the interdependent relationships between Japan and other Asian countries will be further expanded and developed in the future. In addition, China's preferential policies toward foreign investment will further promote China's exports to Japan.
Statistics lately released by the Japan Ministry of Finance indicate that China has replaced EU for the first time to become Japan's second largest trade partner only after the United States, as Japan's imports from China last year increased dramatically to 5097.5 billion yen by a 7.4 percent rate over 1998.
