Exports growth beat expectations of an 18.6% rise from economists polled by Reuters, and was higher than the 16.8% seen in May. <\/p>\n
Shipments to Asia rose 22.7%, most notably seeing a 46.4% jump in exports to Taiwan compared to the same period last year. Exports to China, Japan’s largest trading partner, increased 17.6%, while goods sold to the U.S. climbed 13% year on year.<\/p>\n
Japan’s exports have been boosted by shipments of semiconductors, with the AI boom lifting shares of domestic tech companies including Tokyo Electron<\/a>, Renesas Electronics<\/a> and Advantest<\/a> between 50% and 93% so far this year. Semiconductor shipments in June surged 53.8%. <\/p>\n While exports surged by value, volumes climbed just 0.2% in June. <\/p>\n The benchmark Nikkei 225<\/a> rose 1.56% after the release. <\/p>\n Stock Chart IconStock chart icon Exports remain one of Japan’s\u00a0main economic drivers<\/a>, with its economy growing 0.5% sequentially in the first quarter and at a revised 1.8% on an annualized basis. <\/p>\n Japan’s imports soared 25.4% year on year in June, also the highest growth rate since November 2022 and beating expectations of a 21% jump. <\/p>\n The country saw a massive increase in petroleum imports, with a 59.3% jump year on year as Tokyo copes with higher oil prices due to the Iran war. Japan meets over 87% of its energy needs via imports, according to the International Energy Agency.<\/a><\/p>\n The Bank of Japan noted in its monetary policy meeting in June<\/a> that overseas economies are experiencing an upswing due to AI demand. As such, for Japan, “the deterioration in the terms of trade has been mitigated, and concerns over an economic slowdown have subsided.” <\/p>\n![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
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