Japan Imports Jump 28% as Exports Climb 19.3%

Japan’s imports climbed sharply for a third consecutive month in August, driven by higher crude oil prices and increased energy costs. Exports also extended their growth streak, rising for a 12th consecutive month on strong demand for semiconductor-related products.

Figures released by Japan’s Ministry of Finance on Wednesday showed that the value of imports increased 28 per cent year-on-year in August, exceeding the median market forecast of a 26.3 per cent rise.

The value of exports grew 19.3 per cent year-on-year in August, above economists’ forecast of an 18.2 per cent increase. This followed a 23.2 per cent rise in July, supported by strong shipments of electronic chips and higher prices for non-ferrous metals.

Rising energy import costs kept Japan’s trade balance in deficit, with the country recording a shortfall of ¥1.106 trillion ($7.12 billion) in August.