• Short Summary

    INTRODUCTION: The Japanese Prime Minister, Mr.

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    GV Containers being loaded on to ships at docks (6 shots) 0.35

    Background: INTRODUCTION: The Japanese Prime Minister, Mr. Zenko Suzuki, is to reshuffle his Cabinet to help resolve his country's persistent imbalance with other countries. This move was prompted by mounting discontent in Europe and the United States over the huge trade deficit between them and Japan.

    SYNOPSIS: The reshuffle, expected this month, reflects the growing concern by the European Economic Community (EEC) and United States that Japan's trading deficit will reach 23 billion dollars this financial year. That concern has prompted some Western governments to consider restricting the important of Japanese goods. The government sees the balance coming from an increase in Japanese imports rather than a restriction of its exports by its trading partners.

    Japan has become a world leader in the supply and production of electrical appliances and components. This factory producing video recorders is among those which contribute to soaring exports. Exports double from previous-year figures each month. Shipments to the EEC make up more than one-third of the total and only slightly loss goes to the U.S.

    Japan has been reducing steel exports to the EEC since 1978, based on mutually agreed annual volumes, to help ease the overall trade friction. The peak year for Japanese steel exports to the EEC was 1972, when two million tones left Japanese steelworks for Europe. This year however, exports are expected to fall sharply because of the higher freight costs which followed oil price rises.

    This Tokyo motor vehicle showroom gleams with new American and European cars. The US has called for simplified inspection standards for cars and the abolition of import tariffs on spare parts to encourage greater sales.

    The Americans have also recommended revised import procedures and this office of the Customs and Tariff Bureau will be one of those working of simplify import inspection and tariff procedures.

    The Shibuya department store in Tokyo is one of many in Japan which have dozens of imported items of sale, especially wine, whisky, biscuits, and chocolate. The EEC wants cuts in import duties on these goods but Japan has refused, saying it would put the US at a disadvantage. Japan relics on foreign trade for its survival and the trade deficit problem solution may be central to that survival.

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    Reuters - Including Visnews
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