Japan’s Exports Jump Most Since 2017 Amid Global Trade Recovery

(Bloomberg) -- Japanese exports posted a double-digit gain for the first time in more than three years in March, offering another indication that a recovery in global trade is gaining strength.

The value of overseas shipments jumped 16.1% from a year ago, for the biggest increase since November 2017, led by exports of cars, plastics, semi-conductors and chip-making equipment, the finance ministry reported Monday. Economists had forecast a rise of 11.4%. Exports to China surged by more than a third.

While the stronger-than-expected figures were boosted by comparison with data from 2020 when the coronavirus was slamming global trade, the value of exports was also the highest in three years, indicating solid improvement. Month-on-month, exports rose 4.3% after seasonal adjustment.

Key Insights

What Bloomberg Economics Says...

“Japan’s record exports to Asia in March show external demand broadening beyond China and providing firmer support for the economy...The data reinforce our view that exports will play a key role in sustaining the recovery as another virus wave hits the country.”

--Yuki Masujima, economist

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• Imports rose 5.7% from the previous year, compared with a 4.7% increase forecast by analysts.
• Exports to China surged 37.2% from a year earlier, with chip-related gear and automobiles among the largest gainers. Shipments to the U.S. rose 4.9%. Exports to the EU gained 12.8%, the largest increase in nearly three years.
• The trade balance was 663.7 billion yen in the black. Analysts had expected a 493.2 billion yen surplus.

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