China becomes the number one importer to Japan
Japan now imports more from China than it exports. This is one of small moments in history with wide-ranging repercussions. China had already out-exported Japan in shipments to the U.S. to the tune of 2002 China-U.S. trade deficit of $10.45 billion compared to 2002 Japan-U.S. trade deficit of $6.49 billion. This is all about low cost manufacturing and deflation.
Posted by Mitch Ratcliffe at January 29, 2003 11:01 PM | TrackBack