China now Japan’s closest trade partner

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Japan’s Finance Ministry released figures that showed that China is now Japan’s closest trading partner, taking over from the United States.China accounted for 20.1% of Japanese trade in 2004, as opposed to 19.2% in 2003.Trade with the USA in 2004 amounted to 18.6%, as opposed to 20.5% in 2003.Trading with China in 2004 was worth China accounted for 20.1% of Japan’s trade in 2004, compared with 18.6% for the US. In 2003, the US was ahead with 20.5% and China came second with 19.2%.The change highlights China’s growing importance as an economic powerhouse.In 2004, Japan’s imports from and exports to China (and Hong Kong) added up to 22,201bn yen ($214.6bn;114.5bn).This is the highest figure for Japanese trade with China since records began in 1947. It compares with 20,479.5bn yen in trade with the US. to Japan. The trading figures cover imports and exports, and include Hong Kong.Although US trading was affected by a 13 month beef ban over fears of BSE in infected meat, the Chinese economy grew by 9.5% in 2004.