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Japan's exports surge on weak Yen, yet business sentiment falters

Posted on May 24, 2024 |

Japan's exports grew by 8.3% year-on-year in April, marking the 5th month of consecutive growth, although this fell short of the 11.1% increase predicted by analysts, with the weak yen contributing to the rise in value.

Despite the increase in export value, the volume of Japanese shipments dropped by 3.2% from the previous year, continuing a three-month trend of declining shipment volumes.

Japan's economy saw a 2% contraction in the first quarter, with a significant 5% decline in exports of goods and services, indicating a lack of strong growth drivers.

Imports in Japan saw an 8.3% rise in April, driven by higher imports of crude oil, airplanes, and computers.

This rise in imports led to a trade deficit of 462.5 billion yen ($2.96 billion) for April.

While the value of exports continued to climb, the overall economic downturn and increased import costs negatively impacted Japan's trade balance.

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