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The
stronger export growth yielded a trade surplus last month after
two straight months of deficits, the Finance Ministry said
Wednesday.
Japan recorded a trade surplus of 584 billion yen ($3.9 billion)
last month. It had a trade deficit of 415 billion yen the
previous year. The surge in exports outpaced a 7% annual
increase in January. Exports totaled 9.19 trillion yen ($61
billion), while imports fell 0.7% to 8.61 trillion yen ($57
billion).
In January, imports jumped nearly 17% year-on-year.
Japan's exports have surged in recent months as businesses
rushed to send overseas shipments before Trump’s tariffs kick
in.
Higher U.S. tariffs on steel and aluminum have already started,
but the biggest threat to the Japanese economy will come in auto
tariffs that are due to take effect next month. Japanese
officials have been seeking an exemption from the Trump
administration for Japan, an important trading partner and ally
of the U.S.
Japan’s exports to the U.S. grew 10.5% in February while imports
from the U.S. fell 2.7%, compared to a year earlier, leaving a
surplus of 918.8 billion yen ($6.2 billion).
Exports to Asia jumped about 16% from a year earlier while those
to Europe fell 4.5%.
A large share of the jump in exports included food, machinery
and vehicles.
Imports from the Middle East fell as oil prices declined.
Also Wednesday, Japan's central bank chose, as expected, to keep
its benchmark interest rate unchanged at 0.5%. The central bank
has been gradually raising the key rate from below zero to
counter rising inflation, but Trump's policies have raised
uncertainty over the global economic outlook as well as trade.
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