Shipments to the Asian market were the main driver of Japan’s overall export growth. Exports to mainland China increased by 5.8%, while shipments across Asia rose 9.2% compared with the same period last year. In contrast, exports to the US fell by 13.3%, partially offsetting the overall increase.
In September, Japan’s export growth was led particularly by semiconductor products, which rose 12.6% year on year. Automobile exports were affected by tariffs imposed by the US; car shipments to the US fell 24.2% in September, a smaller decline compared with August’s 28.4% drop.
Under a trade deal with Washington in July, the Tokyo administration reduced the US-proposed 25% tariff to 15%; the new tariff came into effect on 7 August.
Japan’s imports also showed signs of recovery, rising 3.3% year on year in September following a 5.2% decline in August.
Comments
No comment yet.