Japan's record trade gap as exports dive

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Overall, Japan's sales to the outside world, the lifeblood of its economy, plunged 45.7% in January from a year earlier, resulting in a record trade deficit.

The shortfall widened to 952.6 billion yen (£6.88 billion), the biggest since 1980, the earliest year for which there are comparable data, the finance ministry said today in Tokyo.

The data show the pace of collapse in exports accelerating after a 35% fall in December. Exports to the US were down an unprecedented 52.9% from a year earlier, and shipments to Asia and Europe also posted the largest declines as the recession deepened.

Shipments to Europe slid 47.4% in January from a year earlier, the finance ministry said. Exports to China fell 45.1% and those to Asia dropped 46.7%.

The collapse is likely to force Japanese companies to keep firing workers and closing factories. Toyota and Nissan were already mulling jobs cuts in their British plants.