Japan: August export growth slows to 0.3%

Weak demand from the U.S. and Europe is taking it’s toll on Japan’s exports:

Japan had a trade deficit of 324 billion yen ($3 billion), the first since January, because of record oil imports. The nation’s import bill rose 17 percent from a year earlier.

Shipments to the U.S. plunged 21.8 percent last month, the biggest decline on record, and exports to Europe fell 3.5 percent, today’s report said. Weak overseas demand caused the economy to shrink an annualized 3 percent last quarter.

Cut Production

Since August, some of Japan’s biggest manufacturers have lowered sales targets and announced cost-cutting measures that could start to take a toll on smaller companies that supply them.

All-in-all, not good news for Japan or the world economy.