Japan’s exports grew 26.2% yoy to JPY 6605B in August. That’s the sixth straight month of double-digit annual growth, as boosted by strong demand for chip-making equipment. By destination, exports to China, the largest trading partner, grew 12.6% yoy. Exports to Asia as a whole rose 26.1% yoy. Exports to the US rose 22.8% yoy. Exports to EU rose 29.9% yoy.
Imports jumped 44.7% yoy to JPY 7241B, due to stronger demand for fuel and medical goods. Trade balance came in at JPY -635B deficit, the largest shortfall since December 2021.
In seasonally adjusted term, exports rose 0.8% mom to JPY 7104B. Imports rose 4.6% mom to JPY 7276B. Trade deficit came in at JPY -272B versus expectation of JPY 80B surplus.
