Japan exports and imports grow at fastest pace in June since November 2022
Japan's exports and imports grew at their fastest pace since 2022 in June, driven by semiconductor demand and a weakened yen. Despite the surge in value, actual trade volumes remained largely flat, reflecting higher prices for chips and energy.
Why it matters
The data underscores the impact of currency fluctuations and the global AI-driven semiconductor boom on Japan's economic recovery.
Japan exports in June grew at their fastest pace since November 2022, rising 19.3% from a year earlier, powered by shipments of semiconductor equipment and a weak yen.
Exports growth beat expectations of an 18.6% rise from economists polled by Reuters, and was higher than the 16.8% seen in May. Shipments to Asia rose 22.7%, most notably seeing a 46.4% jump in exports to Taiwan compared to the same period last year. Exports to China, Japan's largest trading partner, increased 17.6%, while goods sold to the U.S. climbed 13% year on year.
Japan's exports have been boosted by shipments of semiconductors, with the AI boom lifting shares of domestic tech companies including Tokyo Electron , Renesas Electronics and Advantest between 50% and 93% so far this year. Semiconductor shipments in June surged 53.8%.
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