Japan’s export of Aluminium wires during 2018-20 displays consistent development

The economy of Japan has plunged at its rapid rate on record as it battles the COVID-19 pandemic. The world’s third-largest economy saw gross domestic product fall 7.8% in April-June from the previous quarter or 27.8% on an annualised basis. However, Japan was already struggling with low economic growth before the crisis and the vital factors behind the slump was a severe decrease in domestic consumption, which accounts for more than half of Japan's economy. Exports have also fallen sharply as global trade is hit by the pandemic.

The Island nation of East Asia has recorded its export of aluminium wires during 2018-19 at 6240 tonnes and the revenue generation stood at $14.20 million. The export for 2020 is expected to reach at 5410 and the earnings to stand at $12.42 million. When the export volume and earnings of 2020 get footed with the previous two years, it resembles 11,650 tonnes and $26.62 million respectively.

Japan’s export of aluminium wires in 2018 stood at 2533 tonnes and the earnings remained at $5.32 million only, whereas, in 2019 the export displays growth by 46.34%, as the export volume rose to 3707 tonnes and the earnings grew to $8.88 million.

The import for 2020 has also been marked with growth by 45.94%, as the export volume to outreach at 5410 tonnes and earnings to shot up at $12.42 million.

Japan’s major trading destination for export of aluminium wires are China, Germany, Hong Kong, Indonesia, Italy, Malaysia, Netherlands, Philippines, South Korea, Taiwan, etc.