Japan’s exports grew for the first time in August on a year-over-year basis since the catastrophic earthquake and tsunami hit the northeastern part of the country on March 11.
Japan’s exports rose 2.8 percent in August from the same month last year to $70 billion, according to preliminary figures released by the Finance Ministry on Wednesday. Japan’s overall imports rose for the 20th successive month in August on a year-over-year basis, surging 19.2 percent to $80.17 billion.
The export growth in August reflects faster-than-expected progress in the restoration of supply chains. Japan’s overall exports export growth was led by ships, autos and metal processing machinery, which increased 35.2 percent, 5.3 percent and 29.2 percent, respectively, in terms of value.
The spike in Japan’s overall imports in August was fueled by crude oil, liquefied natural gas and petroleum products, which jumped 39.9 percent, 55.7 percent and 75.0 percent, respectively, in terms of value.
Japan’s exports to the United States rose for the first time in six months in August on a year-over-year basis, increasing 3.5 percent to $10.50 billion, while its imports from the U.S. grew for the first time in three months, increasing 2.6 percent to $6.59 billion.
Autos were the biggest contributor to growth in U.S.-bound exports in August, rising 15.3 percent from a year earlier.
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