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Sunday 17 September 2017

Chemical sector patches revival and growth prospects post crisis

By Sonal Srivastava
Economic development in Japan thrives on growth of its manufacturing industry. Previously, the manufacturing industry of Japan was known for its competitive strength globally. Chemical sector accounts for a significant section of GDP in Japan. However, emergence of electronic companies in developing countries including South Korea and China has posed significant challenges for the manufacturing industry of Japan. Striving to maintain competitive pace with other countries, the companies in Japan significantly rely on its chemical sector for integrating technological development. Despite the slump in its electronic industry, Japan continues to offer high-tech electronic products attributed to developing chemical sector.
According to a recent news update, growth in the Japan transport sector was high as compared to the chemical sector in May. However, due to an upsurge in output of automotive engines and passenger cars in May, the chemical sector in Japan has rebounded in terms of output, registering an output of 3.4 percent in July. The news update further reveals that the manufacturers who were surveyed by the industry ministry predict a moderate growth in output of the automotive industry. This industry will represent an increase of 3.6 percent in terms of output in August. Such factors are likely to impact growth of the chemical sector in Japan over the coming years.  

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