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The
preliminary data released Wednesday showed Japan's total imports
rose 1.3% last month over a year earlier, leaving a surplus of
322.2 billion yen (about $2.1 billion).
Exports to the U.S. rose nearly 9% from the year before as
shipments of cars, chemicals and cameras helped make up for
declines in machinery and iron and steel. Imports of U.S. oil
nearly tripled, along with sharp increases in imports of grain
and other food products.
Japan’s deal on tariffs with President Donald Trump’s
administration, setting the baseline import duty for most
products at 15% instead of the earlier plan for a 25% tariff,
helped boost passenger car shipments by 8% when measured by the
number of vehicles. But the value of those cars, trucks and
buses inched up only 1.5%, reflecting the reluctance of
automakers to pass costs from higher tariffs onto consumers.
Imports from the U.S. climbed more than 7%, though Japan still
logged a trade surplus of 739.8 billion yen ($4.7 billion), up
11% from a year earlier.
Japan's exports to the European Union surged about 20% last
month from a year earlier, supported by growth in demand for
machinery, vehicles and other manufactured goods.
But tensions with Beijing after Prime Minister Sanae Takaichi
commented on defense of Taiwan took a toll, with exports to
China falling 2.4% on weaker shipments of chemicals, machinery
and vehicles.
Despite a nascent recovery in trade with the U.S., its largest
trading partner, higher tariffs are likely to continue to weigh
on exports, Norihiro Yamaguchi of Oxford Economics said in a
report.
Still, he forecast that Japan’s exports will likely improve in
the coming year.
“Spillovers from robust U.S. AI-related spending will likely
support exports as well,” Yamaguchi said.
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