Japan Exports Hits Record High

Exports from Japan rose by 2.8% yoy to a new peak of JPY 9,910.60 billion in December 2024, exceeding market forecasts of 2.3% and pointing to the third straight month of growth.

Machinery shipments expanded by 3.7%, led by semicon machinery (10.6%).

Also, sales of electrical machinery rose 4.7%, lifted by semiconductors (6.5%); while exports of others climbed 14.7%, driven by scientific, optical instruments (5.0%).

Chemical shipments gained 6.3%, supported by plastics (6.9%); and sales of manufactured goods added 0.3%, mainly driven by iron and steel products (0.3%).

In contrast, shipments of transport equipment fell 7.6%, dragged by motor vehicles (-5.9%) and cars (-5.2%).

Exports grew to Hong Kong (14.2%), Taiwan (17.2%), South Korea (10.9%), India (5.5%), Germany (5.8%), Russia (10.3%), and the EU (0.5%).

Sales to the ASEAN countries increased by 7.6%, notably Singapore (27.6%) and Thailand (2.7%).

Conversely, sales fell to China (-3.0%), the US (-2.1%), and Australia (-11.9%).