Japan exports compared internationally – OUCH

Just saw this chart in an FT article about Malaysia:


Not good! Also, they seem to have taken a bigger hit than Brazil as well:

But Brazilians might beat their own record in the first quarter of 2009, as a thrifty American consumer and less demand for oil have hit Brazil hard. Overall exports fell 26 percent in the first two months of this year, and they make up one-third of GDP.

Japan’s exports only make up about 16% of GDP, so the impact of a year-on-year 46% drop would be equivalent to a 23% drop in Brazil, but it’s still a near halving of the driver of economic growth over the past few years, and other aspects of Japan’s economy such as domestic consumption or the public sector (depending on government action) seem to offer little hope.