TOKYO, 21st March, 2024 (WAM) -- Japan’s exports rose 7.8 percent in February, as shipments continued to expand in cars and electrical machinery, according to government data released Thursday.
According to The Associated Press (AP), the nation’s trade deficit sank to ¥379 billion ($2.5 billion), marking the second straight month of a deficit.
Imports grew in food, medical products and computers, while declining in autos and power-generating machines. They inched up 0.5 percent from the previous year, totalling nearly ¥9 trillion ($60 billion).
The strength in exports comes as good news, coming a day after the Bank of Japan raised its key interest rate for the first time in 17 years, no longer setting it at below zero. The central bank has promised to still keep lending easy as it gauges various signs of how growth holds up.
By region, Japan’s exports to North America, Europe and the Middle East rose last month.
The picture for imports was mixed, gaining from places like India, China and Brazil, while slipping from Australia and staying little changed in many areas.
Exports in February totalled ¥8.2 trillion ($55 billion), marking the third straight month of growth, according to the Finance Ministry’s preliminary report.