Japan posts $360 million trade surplus in February
Japanese government data released on Wednesday shows a record-breaking monthly turnaround with the nation logging an unexpected trade surplus of 57.3 billion yen ($A$498-$21, depending on exchange rate). This marks Japan's first-ever positive balance in February following January deficits and is attributed to export growth that outpaced expectations at better-than-anticipated levels driven by rising chip shipments abroad.
Key Points
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1Japan recorded its first trade surplus of $360 million in February after reversing a deficit from January.
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2Exports grew by an unexpected 4.2% due primarily to increased chip exports and other Asian markets, offsetting weak demand for Chinese goods.
Developments
Japan recorded February's first trade surplus of 57.3 billion yen as exports grew by an unexpectedly strong annual rate due primarily to a weak dollar and robust demand from Europe despite declines in shipments to China, the US (due largely on tariffs), Asia excluding Japan itself). Rising global oil prices driven by geopolitical tensions are expected to increase import costs for this export-reliant economy.
Japan recorded February trade surplus of $360 million as exports grew by better-than-expected rate. Exports to China declined due weak demand and Lunar New Year holidays while shipments from US dropped 8% amid tariffs on Japanese autos, but export growth in Europe was strong at a year-over-year increase over the same period last month