Japan petrochemical exports shrinking; economy deep in recession

Hellenic Shipping News | Sep 14, 2020 at 2:00 AM
  • Japan’s export volumes of key petrochemicals have shrunk in the first seven months of 2020, with external demand likely to stay muted, as the world’s third-biggest economy wallows in deep recession amid the pandemic.
  • The outlook on capital spending just dimmed, with Japanese industries looking at a 6.8% reduction in the current fiscal year ending March 2021, with contractions of 23.2% in ordinary profits and 6.8% in revenues projected.
  • Manufacturing capital expenditure (capex) is projected to fall by 4.5%, while non-manufacturing capex is expected to decline by 8.1%.