Japan's exports hit biggest monthly record, fueled by China & U.S. sales

Posted on January 29, 2024   |  

Japan achieved a historic high in December with its largest monthly export value on record, boosted by notable increases in shipments to China and the United States.

The world's 3rd-largest economy witnessed a robust year-on-year export growth of 9.8%, reaching 9.7 trillion yen (S$88 billion) in December.

Shipments to China, a significant market, saw an increase of 9.6%, totaling 1.77 trillion yen, led by semiconductor manufacturing equipment and automobiles.

However, China-bound semiconductors and electronic components showed a decline of 22%, indicating variations in specific sectors.

Exports to the US, a crucial ally, surged by 20.4%, marking 27 consecutive months of growth. 

This growth is driven by increased shipments of automobiles, construction and mining equipment, and auto parts.