Japan exports grow at fastest pace since 2022 on chip demand, cars and weak yen
The data shows that Japan's manufacturers have largely managed to navigate the fallout from the Middle East conflict so far.
Japan's export growth surged to its fastest pace since 2022, driven by strong demand for semiconductors, automobiles, and a yen that hit a 40-year low against the US dollar, according to the Finance Ministry's latest report. In July, the value of exports increased by 23.2% compared to the previous year, marking a sharp acceleration from the 19.3% gain recorded in June. This marked the fastest monthly increase since October 2022, surpassing economists' median forecast of a 20.1% rise.
Meanwhile, imports grew at an even more impressive rate of 27.8%, outpacing both the previous month's 25.4% increase and the economists' estimate of a 25.1% rise. This resulted in an unadjusted trade deficit of ¥634.5 billion, up from the revised ¥409.9 billion deficit seen in June. The widening deficit marked the third consecutive month in the red.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
