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Updated January 24th, 2024 at 08:01 IST

Japan achieves record export in December on rebound in China shipments

Exports to China, one of Japan's major markets, increased 9.6 per cent to 1.77 trillion yen ($11.95 billion) in December, the second-highest level on record.

Japan trade data
Japan trade data | Image:Unsplash
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Japan trade data: Japan's exports reached their highest monthly record in December, official data released on Wednesday showed. The record exports were propelled by a notable increase in shipments to China for the first time in over a year and record-breaking sales to the United States (US). 

According to the Ministry of Finance data, the value of exports from the world's third-largest economy surged by 9.8 per cent year-on-year to 9.65 trillion yen ($65.13 billion) last month.

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This exceeded economists' expectations of a 9.1 per cent gain in a Reuters poll and marked a major rebound from the 0.2 per cent contraction experienced in November.

Exports to China, one of Japan's major markets, increased 9.6 per cent to 1.77 trillion yen ($11.95 billion) in December, the second-highest level on record. 

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Semiconductor manufacturing equipment and automobiles played a key role in driving this expansion, although shipments of China-bound semiconductor and other electronic components experienced a 22 per cent decline.

Notably, exports to the US, a key ally for Japan, recorded a notable increase of 20.4 per cent, marking 27 consecutive months of growth. The surge was driven by the export of automobiles, construction and mining equipment, as well as auto parts.

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On the import side, there was a 6.8 per cent decrease in the year to December, compared to the median estimate of a 5.3 per cent decline. 

As a result, Japan's trade balance reflected a surplus of 62.1 billion yen, surpassing the median estimate for a 122.1 billion yen deficit.

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(With Reuters Inputs)

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Published January 24th, 2024 at 08:01 IST

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