🇯🇵Japan’s July exports increased 23.2%, while semiconductor-equipment exports rose 49.1% year over year.

Japan’s exports increased 23.2% year over year in July, exceeding the reported 19.9% consensus estimate and marking a fifth consecutive acceleration. The reported growth rate was the fastest since October 2022.

Semiconductor-equipment export value rose 49.1% from a year earlier. Exports to the United States increased 22%, exports to the European Union rose 19.1%, exports to Asia increased 24.5%, and exports to China rose 25.8%.

Imports grew 27.8% year over year, above the reported 26.5% estimate and at the fastest rate since November 2022. Petroleum import value increased 87.8%, while crude-oil import volume rose 5.5% and liquefied natural gas imports fell 4.8% to 5.014 million metric tons.

Japan recorded an unadjusted trade deficit of ¥634.5 billion, compared with the reported ¥680 billion deficit estimate and a revised ¥409.9 billion deficit in June. The seasonally adjusted goods-trade balance was a deficit of ¥686.009 billion.