Japan Exports Surge to Fastest Growth Since October 2022 on Chip Demand
· Business · CNBC, The Japan Times
Japan's exports grew by 23.2% year-on-year in July, marking the fifth consecutive month of acceleration and exceeding economists' expectations of 19.9%. The surge was primarily driven by a 49.1% jump in semiconductor equipment shipments by value, fueled by artificial intelligence demand. By destination, exports to China rose 25.8% while shipments to the U.S. climbed 22%. Strong export figures supported the economy, which grew 0.7% year-on-year in the second quarter. Meanwhile, imports increased by 27.8%, driven by an 87.8% surge in petroleum imports due to the Iran war.
Why it matters
The strong export growth helps sustain Japan's broader economic expansion despite weaker domestic GDP numbers, with the semiconductor sector serving as a major driver for the country's trade performance.
Read the original report — CNBC
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