MNI BRIEF: Autos Push Japan July Exports Higher

MNI (TOKYO ) - Japan’s exports posted their eighth straight year-on-year rise in July, up 5.4%, driven by higher automobile and semiconductor manufacturing equipment shipments, data released by the Ministry of Finance showed on Wednesday.

Exports of automobiles rose 6.2% in July following 2.3% in June, while semiconductors manufacturing equipment consignments rose 25.2% from 37.9% last month.

Imports rose for the forth straight month, up 16.6% y/y, following June's 3.2% increase.

Japan posted its first trade deficit in two months of JPY621.8 billion in July following June's JPY224.0 billion surplus. 

Exports to China, Japan's largest trading partner, rose 7.2% for their eighth straight rise following 7.2% in June, while shipments to the U.S. rose 7.3%, the 34th straight rise, slowing from 11.0% last month. Exports of automobiles to the U.S. rose 4.3%, also slowing from 9.3%.

The data was within the Bank of Japan’s latest assessment that exports have been more or less flat. (See MNI BOJ WATCH: Ueda Keeps Rate Hike Options Open)