Japan posts record exports in December on rebound in China shipments

JAPAN’S exports value surged to their biggest monthly record in December, official data showed on Wednesday (Jan 24), propelled by shipments to China rising for the first time in over a year and record sales to the United States.

Exports from the world’s third-largest economy rose 9.8 per cent year-on-year last month to 9.7 trillion yen (S$88 billion), the Ministry of Finance data showed.

That compared with a 9.1 per cent gain expected by economists in a Reuters poll and followed a 0.2 per cent contraction in November.

Exports to major market China climbed 9.6 per cent, or 1.77 trillion yen in December, the second largest on record. The shipments of semiconductor manufacturing equipment and automobiles led the expansion.

China-bound semiconductor and other electronic components were down 22 per cent.

Exports to the United States, Japan’s key ally, surged 20.4 per cent, marking 27 consecutive months of growth. Automobiles, construction and mining equipment, as well as auto parts propelled the increase.

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Imports fell 6.8 per cent in the year to December, versus the median estimate for a 5.3 per cent decrease.

The trade balance came to a surplus of 62.1 billion yen, versus the median estimate for a 122.1 billion yen deficit. REUTERS