Reports from the Japanese Finance Ministry reveal that China for the first time has replaced US, to be its biggest trading partner in fiscal 2006. This shows the growing and deepening economic relationship between China and Japan.
Recently, Japanese companies have been establishing strong hold on Chinese economy by shifting production here, to take advantage of cheap labor.
Country’s export to China rose 21.2 percent to JPY11.315 trillion in 2006, while imports increased 13.0 percent to JPY14.113 trillion.
The customs-cleared trade surplus widened 16.4 percent in 2006 from previous year to JPY9.054 trillion, following a 31.4 percent fall in fiscal 2005.
According to Finance Ministry reports, exports grew 13.4 percent to JPY77.461 trillion and imports increased 13 percent to JPY68.407 trillion.
Japan’s trade surplus with US rose 13.5 percent to JPY9.096 trillion during 2006. In 2005 this has touched to JPY9.666 trillion.
Exports in the March climbed 10.2 percent to JPY7.511 trillion, while imports were flat at JPY5.878 trillion.
