BEIJING
Commercial relations between China and Japan were progressing rapidly ever since their bilateral relations normalized 40 years ago.
Nevertheless, the crisis of uninhabited islands in East China Sea caused tension in political and diplomatic relations and began hurting economic relations between China and Japan.
While the tension between China and Japan did not have a great (negative) impact on economic and commercial relations, the heated competition between the world's two giant economies may have an impact on the Asia Pacific region in general and, in fact, on the whole globe.
With the latest developments, Japanese companies in China began losing prestige.
Anti-Japanese sentiments in Chinese public opinion led to a decline in demand for Japanese products.
Tighter inspections on Japanese products at Chinese customs and a ban on Chinese TV stations in displaying the commercials of Japanese brands all led to worsening of relations, including those in the economic and commercial fields.
-High trade volume and figures-
The production engine of the world, China, is Japan's biggest trade partner since 2007.
On the other hand, world's third biggest economy Japan is China's fourth biggest trade partner.
In the first half of 2012, Japan's exports to China were worth 73.54 billion USD but this figure was down 6.2 percent when compared to the same term last year.
In the first half of 2012, Japan's imports from China were worth 91.29 billion USD and this figure was up 7 percent when compared to the same period last year.
Japan's trade deficit with China rose to 17.75 billion USD.
As of June 2012, Japanese investments in China were worth 83.97 billion USD.
Among Japan's exports to China are products such as electrical and mechanic ones, basic metals and related products, products related to transportation, chemicals, optical ones, watch products and medical products.
Among China's exports to Japan are products such as electrical and mechanic ones, textile goods and raw materials, furniture, toys and related products, basic metals and chemicals.
Rare elements top Japan's imports from China. In the first half of 2012, Japan imported 3,700 tonnes of rare elements from Japan. This figure constituted 49.3 percent of all Japanese imports of rare elements.
China is Japan's biggest market for the exports of automobiles. Toyota sold 442,500 automobiles in 2012 and such a figure constituted around 10 percent of all Toyota sales in the year.
Reporting by Ali Ihsan Cam
