International

Japan exports in January jump; Asia demand booms

Japan’s exports in January jumped 40.9 percent from a year earlier, fueled by robust demand for vehicles and high—tech goods in Asia, the finance ministry said on Wednesday.

Exports grew to 4.9 trillion yen ($54.4 billion), marking the second consecutive month of year—on—year rise, the ministry said. Vehicle exports in January rose 59.2 percent with auto parts shipments surging 89.6 percent in the month, it said.

Japan’s exports of semiconductor products also increased 83.1 percent.

Among key regions, Asia—bound exports jumped 68.1 percent year—on—year to 2.7 trillion yen.

The figure underscored the rising importance of Asian markets in Japan’s economic recovery. Asia—bound shipments alone account for 55 percent of Japan’s total exports.

Japanese exports to China soared 79.9 percent year—on—year to 920 billion yen on the back of booming demand for vehicles, semiconductor products and plastic goods, the ministry said.

Exports to the United States expanded 24.2 percent to 710.4 billion yen and those to the European Union grew 11.1 percent to 580 billion yen.

Overall imports in January increased 8.6 percent to 4.8 trillion yen, resulting in a trade surplus of 85.2 billion yen in the month, the ministry said.

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Printable version | Feb 22, 2020 1:50:03 AM | https://www.thehindu.com/news/international/Japan-exports-in-January-jump-Asia-demand-booms/article16816588.ece

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