TOKYO: Japan's exports fell in July for the first time in nearly two-and-a-half years, dragged down by faltering demand for light oil and chip-making equipment, underlining concerns about a global recession as key markets like China weakened. Ministry of Finance (MOF) data out Thursday (Aug 17) showed Japa
TOKYO: Japan's exports fell in July for the first time in nearly two-and-a-half years, dragged down by faltering demand for light oil and chip-making equipment, underlining concerns about a global recession as key markets like China weakened.
Overall, the batch of data underscored the fragility in Japan's export engine that helped underpin second quarter domestic product growth, with car shipments and inbound tourism the biggest drivers. The concerns about global growth were underscored by separate data earlier showing persistent declines in Singapore's exports, seen as a gauge of overseas demand as trade flows dwarf the city-state's economy.
U.S.-bound shipments, Japan's key ally, rose 13.5 per cent year-on-year last month to log the largest in value on record, led by shipments of electric vehicles and car parts, following an 11.7 per cent rise in the previous month."The Bank of Japan must be aware of downside risks from the global economy. Therefore, it would have no choice but to avoid any efforts to normalise monetary policy for the time being given the risk from external slowdown," Minami said.
The trade balance swung to a deficit of 78.7 billion yen , versus the median estimate for a 24.6 billion yen surplus.
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