Japan economy contracted at an annual rate of 3.6 percent from July to September as a wave of coronavirus infections hurt tourism and other activities, the government said Wednesday.
The government said its estimate of the economy contracting last quarter, down from 3.0 percent, reflected weakness in consumer spending and trade.
On a quarterly basis, the measure used by most economies, Japan economy contracted 0.9 percent, compared with an earlier estimate of 0.8 percent.
The world third-largest economy was already in recession before the outbreak. Its recovery has been fitful as precautions have been taken to contain COVID-19 infection. Supply chain problems, particularly computer chips used in cars, also took a toll.
Japan last major coronavirus outbreak, in late summer, has subsided and cases have dropped sharply. But it has been hit during the normally busy summer travel season when calls to limit business activity and travel have hurt restaurants, hotels and other services.
Consumer spending is recovering and is likely to drive the recovery in the current quarter, Naruhito Yamaguchi of Oxford Economics said in a commentary.
"Production and exports are also expected to recover, albeit at a moderate pace, as supply chain disruptions in the automotive industry ease," he said.
The latest data showed lower levels of private inventories than previously reported and weaker government and consumer spending. The data also showed that wages fell 0.4 percent, rather than the previously reported 0.1 percent.
Japan cabinet approved a record y56tn, or $490bn, stimulus package, including cash handouts and aid to ailing companies, to help pull the economy out of a downturn worsened by the coronavirus pandemic. Parliament is expected to approve the plan this month.
Due to the impact of the coronavirus infection, Japan economic contraction has also affected the 608rs bearing market.
Bearings are an important part of modern machinery and equipment, and its downstream is widely used in industrial automation, high-end equipment, robotics, automobile manufacturing and other fields. In recent years, due to the decline in demand from downstream industries such as automobiles and machine tools, as well as the adjustment of industrial structure, the phase of transformation and upgrading, the phasing out of backward production capacity has changed the relationship between supply and demand. The number of bearing industries has declined. If you are looking for 608rs bearing or get more information about 608rs bearing, please send an email to [email protected]
Due to changes in consumer demand, import and export conditions, and various investigations on the development of 608rs bearing, the cost of 608rs bearing is constantly changing. Taking into account the current market macroeconomic parameters, value chain analysis, channel partners, demand and supply, the cost of 608rs bearing will also be affected to a certain extent. It is estimated that the cost of 608rs bearing will increase slightly from next month.
The price of 608rs bearing continues to be affected by factors such as market decline momentum, various opportunities and challenges. However, during the forecast period from 2022 to 2025, the global 608rs bearing sales market is expected to continue to be above average. The growth rate will continue to increase. It is expected that In the second half of this year, the price of 608rs bearing will increase to a certain extent.
The cost of raw materials is still the biggest concern for manufacturers. Raw materials account for approximately 60-62% of bearing manufacturers revenue. The price of raw materials for bearings fluctuates continuously according to market economic conditions. Such fluctuations in raw material prices are becoming a real challenge for companies to maintain competitiveness and ensure sustainable profits. As high-grade steel and alloy steel are the main raw materials used to manufacture 608rs bearing, bearing prices are highly correlated with global steel price trends. Therefore, fluctuations in the price of raw materials have brought challenges for bearing manufacturers to compare prices and quality to manufacture bearings. In addition, the bearings require regular maintenance to avoid failures and extend their service life, which further increases maintenance costs. Therefore, factors such as raw material price fluctuations and regular maintenance costs are expected to hinder the growth of the bearing market.
The market demand of 608rs bearing?
The global bearing market value in 2020 is 123.34 billion U.S. dollars and is expected to reach 153.62 billion U.S. dollars by 2027, and the compound annual growth rate will also increase steadily.
A bearing is a mechanical element that supports relative movement and helps reduce friction caused between moving parts. Bearings are widely used in various industries such as automobiles, wind turbines, construction machinery, mining machinery, agricultural equipment, and machine tools. It is used in automobiles to ensure smooth driving of automobiles, electric vehicles (EV) and other types of vehicles (such as light commercial vehicles and heavy vehicles such as trucks). Due to the increasing utilization of bearing 608rs bearing in various end-use industries, rolling mills and electric vehicles, the global 608rs bearing market has become more and more important. The development of technology has improved the overall efficiency of bearing products in the field and extended the product shelf life.
About Eric Bearing Limited
Since the establishment of ERIC BEARING LIMITED in 2011, Eric Bearing Co., Ltd. has established partnerships with some distributors who have authorized world-renowned manufacturers, such as Swedish SKF bearings, German FAG and INA bearings, and so on. Compared with other competitors, our price is very competitive, 30% lower than the customer local market. We have set up multiple branch warehouses in Hong Kong Free Port, Shanghai Port and Guangzhou Port. We have more than 8 years of export experience can help you find the ideal purchasing solution. Various brands of bearings have abundant stocks, if you are interested, please feel free to contact us.
Looking for the 608rs bearing or get more information about any other bearings, please send an email to [email protected]
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