MM Analysis
Exports from Japan surged 16.1% year-on-year in March, beating consensus expectations for a rise of 11.4%. It's absolute value has reached a recorded high since 2008 financia crisis, showing that a strong recovery momentum has been reflected on Japan's export data.
China is still the largest driving country as usual, with a year-on-year increase of 37.2%. Other regions such as the US and europe all rebounded sharply.
The annual growth of the three major goods (transportation, machinery, electrical equipment) has all come to a double-digit rebound. Transportation, which was suppressed by the shortage of automotive chips, has finally made a positive change. But the number short-term production of automotive chips still worth attention.
Overall, in line with the explosive growth of machinery export orders in February (annual increase of up to 110%, record high in absolute value), it shows that overseas economic are recovering and corporate are more confident to expand its capital expenditures. Japan’s recent manufacturing and exports will still have a certain degree of growth momentum in the future.
Exports from Japan surged 16.1% year-on-year in March, beating consensus expectations for a rise of 11.4%. It's absolute value has reached a recorded high since 2008 financia crisis, showing that a strong recovery momentum has been reflected on Japan's export data.
China is still the largest driving country as usual, with a year-on-year increase of 37.2%. Other regions such as the US and europe all rebounded sharply.
The annual growth of the three major goods (transportation, machinery, electrical equipment) has all come to a double-digit rebound. Transportation, which was suppressed by the shortage of automotive chips, has finally made a positive change. But the number short-term production of automotive chips still worth attention.
Overall, in line with the explosive growth of machinery export orders in February (annual increase of up to 110%, record high in absolute value), it shows that overseas economic are recovering and corporate are more confident to expand its capital expenditures. Japan’s recent manufacturing and exports will still have a certain degree of growth momentum in the future.