Exports rose 48.6% in June from a year earlier, the fourth straight month of double-digit gains, although growth was largely exaggerated by a COVID-led plunge last year. Export growth has remained strong even as a global chip shortage weighs on Japan's car output and shipments.
In an encouraging sign for a trade-dependent economy, exports grew 23.2% in the first half of this year, up for the first time in five periods and exceeding pre-pandemic levels seen in the first half of 2019. It was the fastest growth since the first half of 2010. "China's economy may be pausing but stimulus measures are being taken. With the help of recovery in Europe and America, it is expected to pick up again," said Takeshi Minami, chief economist at Norinchukin Research Institute. "That will help Japanese exports remain in an uptrend, backed by car exports as well as capital goods and information-related items."
The trade balance came to a surplus of 383.2 billion yen , versus the median estimate for a 460.0 billion yen surplus.
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