Japan’s exports to the U.S. rose for the ninth straight month in September on a year-over-year basis, surging 18.8 percent to 1.109 trillion yen (about US$11.3 billion), according to preliminary figures released by Japan’s Ministry of Finance.
The September jump in U.S.-bound shipments was led by autos, organic compounds and auto parts, which soared 49.6 percent, 61.5 percent and 8.6 percent, respectively, in terms of value.
Japan’s imports from the U.S. increased for the sixth successive month in September on a year-over-year basis, jumping 13.8 percent to 576 billion yen. As a result, Japan’s trade surplus with the U.S. expanded for nine months in a row, swelling 24.9 percent from a year earlier to 533 billion yen. The September jump in imports from the U.S. was led by motors, electric measuring instruments and organic compounds, which soared 82.8 percent, 110.7 percent and 43.3 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 932 billion yen with the rest of the world in September, up 64.1 percent from a year earlier and the biggest amount on record for the month, as overall imports grew at a faster pace than overall exports. It was the 15th consecutive monthly trade deficit, the longest streak of deficits on record.
Japan’s overall exports rose for the seventh straight month in September on a year-over-year basis, expanding 11.5 percent to 5.972 trillion yen, driven by autos, mineral fuels and organic compounds. Overall imports increased for the 11th successive month, surging 16.5 percent to 6.904 trillion yen, led by telecommunications equipment, electronic parts and clothing and clothing accessories. A weaker yen also pushed up the value of Japan’s overall imports.