While a nuclear expert in China has said that Japan's nuclear crisis will have no impact on China, Morgan Stanley begs to differ. Here's what the global financial services firm had to say on some of the numbers on the connection between the Japanese and Chinese economies:
In terms of trade by destinations / origins: In 2010, Japan remained one of China's most important trade partners, accounting for about 8% of China's total exports, while China sourced 13% of its imports from Japan. Incrementally, however, Japan contributed only 1.9ppt to the 31.3% YoY growth in China's total exports, and 4.6ppt to the 38.9% YoY growth in total imports.
In terms of trade by products: In 2010, the majority of trade between China and Japan was in mineral, vegetable & animal products, machinery as well as base metals. China ran the biggest trade surplus with Japan in textiles, and the biggest trade deficit in machinery and electrical equipment. Trade in machinery and electrical equipment was the main driver of growth in both exports to and imports from Japan.
In terms of trade by major categories of commodities: In 2010, 36% of China's coal exports and 21% of crude petroleum oil exports went to Japan; 44% of China's steel product imports and 27% of aluminum product imports were from Japan.
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