Japan’s industrial production fell 8.4% in May and stood at lows

Japan’s industrial production fell 8.4% in May and stood at lows

Japan’s industrial production fell 8.4% in May from the previous month and was at its worst level since comparable data began to be released in January 2013, according to figures released Tuesday by the government.

Compared to May 2019, the indicator experienced a 25.9% drop, according to the Japanese Ministry of Economy, Trade and Industry, which again pointed out, as in its previous report, that “industrial production is declining rapidly”.

The fall in May follows another decrease of 9.1% in April, the month in which Japan decreed a state of sanitary emergency due to the coronavirus pandemic (which lasted until May 25), which continues to affect the chains of supply, which in many cases were interrupted, and decreased internal and external demand.

The industries that contributed the most to the drop in the indicator in the fifth month of 2020 were motor vehicle production, machinery production, and iron, steel and non-ferrous metal production.

According to data from a survey carried out by the aforementioned ministry with national companies, Japanese industrial production is expected to increase 5.7% in June (compared to the 3.9% estimated in the previous month) and increase by 9%, 2% in July.

Industrial production measures the pace of Japanese factories and is considered key to anticipate the march of the Asian country’s economy, highly dependent on the manufacturing sector.

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