Benefits from 11th March 2011 - Essay Example

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On 11th March 2011, an earthquake of magnitude 9.03 hit the Pacific Coast of Tohoku, Japan. However, there was a silver lining to this disaster, in terms of the economic benefits enjoyed by other countries, such as the US and China. The essay will, therefore, be an exposition on how the international community benefitted economically from the after effects of the earthquake on Japan. …
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Benefits from 11th March 2011
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In her assessment of the economic consequences of the Tohoku earthquake, business reporter from BBC Saira Syed claimed that there were positive effects felt by the industries and manufactures in other countries. She mentions that “in terms of semiconductors, auto and steel companies, South Korean and Japanese companies are competitors," and “when Japanese companies shutdown factories and cannot produce their products, demand and orders will be on Korean manufacturers”. Also, “Australia is well placed to meet Japan's increased demand for energy products given the significant disruptions to the Fukushima power plant," and “Australia is a major exporter of thermal coal and liquefied natural gas (LNG). Thermal coal and LNG exports will certainly grow as Japan's energy needs increase. Over the next few months, as construction and rebuilding begins in Japan, Australia stands to gain further. Australia exports iron-ore and coking coal which will be in high demand for steel making”. Sarah Stodola from Fiscal Times also made the claim that “Japan’s interrupted production could also give U.S. companies an edge,” and Keith Zeff in his “Insights: Impact of Japan’s Earthquake on the US Economy and Commercial Real Estate,” claims that because of the physical damage done by the earthquake to Japanese industries, “Japan will likely move some of these manufacturing capabilities to the U.S”. He goes on to give the example of how Nissan is “considering moving some engine production to a plant in Tennessee,” because its plant in Japan is destroyed. He further states that the Japenese “factories that cease operating temporarily for repair or because of supply chain disruptions may find their customers have turned to other sources. This could mean that companies in other countries gain market share at Japan’s expense, and Japan’s loss could be permanent.” From the research done by Syed, Stodola, and Zeff, it is clear that despite the damages Japan is facing because of Tohoku earthquake, other countries worldwide are benefitting from Japan’s temporary withdrawal from participating in world trade; Japan’s industrial and manufacturing competitors are coming in to fill the gap left by the Japanese industries in the global market. Kip Beckman in his article “The Impact of Japan’s Earthquake and Tsunami on the Global Economy,” states that the effects of the Tohoku earthquake and tsunami Read More
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