Japan’s exports jump most since 2017

Bloomberg

Japanese exports posted a double-digit gain for the first time in more than three years in March, offering another indication that a recovery in global trade is gaining strength.
The value of overseas shipments jumped 16.1% from a year ago, for the biggest increase since November 2017, led by exports of cars, plastics, semi-conductors and chip-making equipment, the finance ministry reported. Economists had forecast a rise of 11.4%. Exports to China surged by more than a third.
While the stronger-than-expected figures were boosted by comparison with data from 2020 when the coronavirus was slamming global trade, the value of exports was also the highest in three years, indicating solid improvement. Month-on-month, exports rose 4.3% after seasonal adjustment.
“China’s economy has completely normalised, so it’s true that exports to China are doing well,” said economist Yuichi Kodama at Meiji Yasuda Research Institute.
“The same goes for the US The Biden administration’s fiscal package has meant that personal consumption has been rising steadily, so I expect exports to also keep doing well next month and onwards.”