Bloomberg
Published May 20, 2021 01:23
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Japanese exports jumped again, climbing in April by more than a third from last year’s dismal level, as recovering global trade gave a needed boost to an economy that’s stalling at home amid new waves of the coronavirus.
Surging car and auto parts shipments helped power a 38% rise in Japan’s exports from a year earlier, according to figures Thursday from the finance ministry that beat all but one forecast from 26 surveyed analysts. The consensus was for a 30.8% gain.
Although the data give an inflated view of the strength of exports because they’re based on a comparison with 2020’s terrible figures, the report still shows trade bouncing back -- a major positive for the global economy and Japan. Shipments climbed almost 8% compared with 2019.
A separate report showed Japanese machinery orders, a leading indicator of capital spending, gained in March from the prior month.
Key Insights
What Bloomberg Economics Says...
“Looking ahead, we expect exports to come in above the pre-Covid level in May, supported by a recovery in European demand with progress on vaccinations. Shipments to the U.S. and China may increase at a slower pace.”
--Yuki Masujima, economist
To read full report, click here.
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Written By: Bloomberg
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