TOKYO : Japan's exports increased at a fast pace in July, indicating a revival in demand from China, the US and Southeast Asia, though the prices rose faster compared to the volumes for several products.
Exports rose over 13% in July to 6.5 trillion yen ($59 billion) compared to a year earlier, according to a data released recently.
“Trade actually dragged on growth in the world's third-largest economy in the April-June quarter but likely would provide a slight boost for the year,” said Marcel Thieliant of Capital Economic – an independent macroeconomic research firm.
Thieliant forecasts an increase of 6% in export volumes, whereas volumes of import will rise by around 3%.
In the month of July, Japan's shipments to the US rose 11.5% to 1.3 trillion yen ($12 billion), mainly comprising machinery, cars and car parts. Imports jumped 14% to 671.7 billion yen ($6.1 billion), with increase in the shipments of fish and meat.
Japan’s exports to China surged 18% to 1.2 trillion yen ($11 billion).
The Country’s exports to the Association of Southeast Asian Nations (ASEAN), a 10-member bloc, also surged 18%, to 1 trillion yen ($9 billion), on the back strong demand for appliances and other devices.