MNI BRIEF: Japan May Exports Rise On Automobiles, Auto Parts

Japan's exports posted their sixth straight y/y rise in May, up 13.5% driven by automobile and semiconductor manufacturing equipment shipments, data released by the Ministry of Finance showed on Wednesday.

The result is slightly better than the latest assessment held by the Bank of Japan that exports have been more or less flat.

Exports of automobiles rose 13.6% in May following the 17.8% April increase, while semiconductor manufacturing equipment consignments rose 45.9% from the prior month's 28.2% gain.

Imports rose 9.5% in May following 8.3% in April for the second straight rise.

Japan posted its second straight trade deficit of JPY1.22 trillion, following April's JPY465.6 billion.

Exports to China, Japan's largest trading partner, rose 17.8%, the sixth straight rise, accelerating from 9.6% in April.

Shipments to the U.S. rose 23.9%, the 32nd straight rise, also accelerating from 8.8% in April, showing persistent strong economy despite the rate hikes. Exports of automobiles to the U.S. rose 34.0% vs. April's 26.0%.