China replaces US as Japan's biggest export destination

China has replaced the US as Japan's biggest export destination, according to figures published today, underlining the Olympic host's emergence as a global economic power. Japan's finance ministry said exports to China outstripped those to the US in July, marking the 38th consecutive increase in exports to its Asian neighbour. It was the first time Japan had sold more goods to China than to any other country since the government started keeping records in 1950. Exports to China for the month rose to a record high of ¥1.28 trillion (£6.3bn), up 16.8% from a year earlier, the ministry said. Those to the US, however, dropped 11.5% to ¥1.27tn as Japanese automobile makers struggled to sell to the troubled US market. Japan's overall exports rose just over 8% to ¥7.63tn, but high oil prices saw imports leap by 18.2% to ¥7.541tn,... [read full story]