Hisane Masaki, Special Correspondent | Sep 20, 2012 10:54AM EDT
Japan’s exports to the U.S. rose for the 10th consecutive month in August on a year-over-year basis, soaring 10.3 percent to $11.23 billion, according to preliminary figures released by the Finance Ministry on Thursday.
Japan’s imports from the U.S. fell for the first time in two months in August, year-over-year, edging down 0.1 percent to $6.38 billion. As a result, Japan’s trade surplus with the U.S. expanded for seven months in a row, swelling 27.8 percent from a year earlier to $4.85 billion.
The August growth in U.S.-bound shipments, which came despite a weak economic recovery in the U.S., was led by auto parts, construction and mining machinery, and motors, which jumped 39.5 percent, 60.7 percent and 20.7 percent, respectively, in terms of value.
The August decline in imports from the U.S. was led by grains, medical products, and electronics parts, including semiconductors, which plunged 31.1 percent, 21 percent and 9 percent, respectively, in terms of value.
Japan is now the world’s third-largest economy after the U.S. and China and is heavily dependent on exports for growth. The U.S. is Japan’s second-largest trading partner after China. The August data comes amid concerns about a negative impact of the territorial dispute between Japan and China on bilateral trade.