Japan’s April exports rose 14.8% year-on-year
Japan’s exports increased 14.8% year-on-year in April, beating the 9.3% forecast. This growth led to a surprise trade surplus of 301.9 billion yen.
Exports to the US rose 9.5% and to China 15.5% year-on-year. Imports grew 9.7%, above the 8.3% forecast, despite a collapse in crude oil shipments.
The collapse in crude oil import volumes, which fell 64%, contributed to the trade surplus. Japan’s government is considering a supplementary budget of around 3 trillion yen for the current fiscal year.
The trade surplus and export growth may impact Japan’s economic outlook, with analysts warning of potential widening trade deficits in coming months due to rising prices across petroleum-related products.