Japan’s exports to the United States rose for the fifth straight month in May on a year-on-year basis, surging 16.3 percent to 1.041 trillion yen ($10.96 billion), according to preliminary figures released by the Finance Ministry on June 19.
The pace of growth in Japan’s exports to the U.S. in May quickened from 14.8 percent in April and was much faster than the rate of increase in the nation’s overall exports in May.
The May jump in U.S.-bound shipments was led by autos, mineral fuels and motors, which soared 13.1 percent, 5,881.2 percent and 28.3 percent, respectively, in terms of value.
Japan’s imports from the U.S. rose for the second successive month in May on a year-on-year basis, jumping 10.2 percent to 614.1 billion yen ($6.46 billion). As a result, Japan’s trade surplus with the U.S. expanded for five months in a row, swelling 26.3 percent from a year earlier to 427.1 billion yen ($4.50 billion).
The May growth in imports from the U.S. was led by aircraft, meat and nonferrous metal ores, which soared 38.4 percent, 29.0 percent and 591.7 percent, respectively, in terms of value.
The U.S. is Japan’s second-largest trading partner after China. Japan is now the world’s third-largest economy after the U.S. and China and is heavily dependent on exports for growth.
Japan posted a trade deficit of 993.9 billion yen ($10.46 billion) with the rest of the world in May. It was the 11th successive monthly trade deficit and the largest trade deficit on record for the month of May.
Japan’s overall exports rose for the third consecutive month in May on a year-on-year basis, expanding 10.1 percent to 5.768 trillion yen ($60.72 billion), while its overall imports grew for the seventh straight month, surging 10.0 percent to 6.762 trillion yen ($71.18 billion).
The May growth in Japan’s overall exports was led by mineral fuels, organic compounds and electronic parts, including semiconductors, which soared 66.8 percent, 29.8 percent and 16.3 percent, respectively, in terms of value.
The May growth in Japan’s overall imports was led by telecommunications equipment, crude oil and electronic parts, including semiconductors, which jumped 58.6 percent, 6.4 percent and 35.6 percent, respectively, in terms of value. A weaker yen pushed up the value of Japan’s overall imports.