Japan's steel exports fell more than 19% in January

Preliminary trade statistics released by Japan's Ministry of Finance (MOF) suggest a significant decline in steel exports from the country during the initial month of 2019.

The export of steel in the country in January 1919 amounted to 2.46 million tons, which is significantly lower by 19.2% if compared with the same month a year earlier. Japan exported over 3 million tons in January 2018. It also decreased by 14.6% compared to the previous month. In a press release from the Ministry of Finance, it is said that this is the third month in a row that production fell below 3 million tons. This explains the decline in exports by several factors, including problems with facilities and a number of natural disasters.

Steel exports in the country were estimated at 237.13 billion yen, which is significantly less than last year by 13.7%.

The main destination for steel exports from Japan was the Asian region, which received 1.94 million tons of the country's total exports. This accounted for nearly 79% of Japanese steel exports in January this year. Among Asian countries, South Korea continued to be the main importer with receipts of 0.382 million tons. However, exports to South Korea showed a marked decline of more than 19% over the previous year. Imports from China totaled 0.382 million tons, down 16.7% over the previous year.

Among remote export destinations, the Middle East, Russia and the United States reported declines in imports from Japan. On the other hand, exports to the EU region recorded a slight increase during January 19.