Weak yen boosts exports
Car shipments increase by 13.6 per cent year-on-year as Japan’s trade deficit widens.
Posted on 05 July, 2024
Japan’s exports grew by 13.5 per cent in May, when compared with a year ago, for the biggest increase since late 2022.
The weak yen boosted the value of exports and sent them climbing for the sixth month in a row, according to the Ministry of Finance.
The increase was the largest since November 2022 and also eclipsed economists’ consensus estimate of 12.7 per cent, reports Bloomberg.
Car exports played their part and rose 13.6 per cent year-on-year as carmakers, including Daihatsu, resumed production after a temporary halt in manufacturing after a safety certification scandal.
The ministry adds that imports increased by 9.5 per cent and the trade deficit for May came to ¥1.22 trillion (NZ$12.6 billion), up from ¥466b in April.
