Bloomberg
Published Jun 16, 2021 13:26
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Japan’s exports surged by nearly 50% from last year’s dismal level, as record jumps in shipments to the U.S. and Europe helped boost an economy still struggling with the virus at home.
The value of overseas shipments jumped 49.6% in May compared to a year earlier, when the world economy was suffering under pandemic lockdowns, according to finance ministry figures released Wednesday that were largely in line with the median forecast from analysts. It was the biggest gain since April 1980.
Shipments of cars and auto parts more than doubled, despite a shortage of semiconductors that has crimped vehicle production in the U.S. and other markets.
Still, economists warned that the data give an inflated view of the strength of Japan’s exports because they’re based on a comparison with 2020’s terrible figures, pointing out that the value of shipments was flat compared with April on a seasonally adjusted basis. Compared with 2019’s level, exports rose more than 7%.
Key Insights
What Bloomberg Economics Says...
“Export growth could gradually slow on a real basis in the coming months. Without a recovery in domestic demand, the economy could face difficulty rebounding in the third quarter.”
--Yuki Masujima, economist
To read full report, click here.
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