Japan’s exports to the United States rose for the seventh straight month in July on a year-on-year basis, surging 18.4 percent to ¥1.106 trillion ($11.3 billion), according to preliminary figures released by the Finance Ministry on Aug 19.
The July jump in U.S.-bound shipments was led by autos, batteries and motors, which soared 31.9 percent, 117.8 percent and 12.2 percent, respectively, in terms of value.
Japan’s imports from the U.S. rose for the fourth successive month in July on a year-on-year basis, jumping 18.2 percent to ¥606 billion ($6.2 billion). As a result, Japan’s trade surplus with the U.S. expanded for the seventh month in a row, swelling 18.6 percent from a year earlier to ¥500 billion ($5.1 billion).
The July jump in imports from the U.S. was led by meat, motors and liquefied petroleum gas, which soared 39.3 percent, 33.8 percent and 200.4 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 ¥1.024 trillion ($10.5 billion) with the rest of the world in July. It was the 13th consecutive monthly trade deficit and the biggest trade deficit on record for the month of July.
Japan’s overall exports rose for the fifth straight month in July on a year-on-year basis, expanding 12.2 percent to ¥5.962 trillion ($60.8 billion), while its overall imports grew for the ninth successive month, surging 19.6 percent to ¥6.986 trillion ($71.3 billion).
The July jump in Japan’s overall exports was led by autos, organic compounds and electronic parts, including semiconductors, which soared 14.3 percent, 50.3 percent and 14.7 percent, respectively, in terms of value.
The July jump in Japan’s overall imports was led by crude oil, liquefied natural gas and electronic parts, including semiconductors, which ballooned 30.2 percent, 16.9 percent and 40.5 percent, respectively, in terms of value. A weaker yen also pushed up the value of Japan’s overall imports.