Japan exports tumble as worldwide spending dries up

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Officials in Tokyo today said exports were down 36.5% in July on a year earlier, worse than the 35.7% fall in June.

It suggested the recovery in Japan — the country pulled out of recession in the second quarter — may be fleeting without stronger overseas appetite for the country's cars and gadgets.

There are also concerns that the effect of government stimuli on major economies may be starting to wane. The export slump to the US, to Europe and even to fast-growing China worsened last month.

HSBC economist Seiji Shiraishi said: "Falls in Japanese exports have been moderating in recent months on companies' restocking efforts and government stimuli worldwide.

"But the July trade data indicate that the recovery momentum is losing steam.

"It is questionable whether exports will continue to recover once the stimulus effect runs out because global final demand may not turn up fully."