17.08.201703:48:00UTC+00Japan Export Growth Increased in July

Japan's export growth rebounded in July, with imports increasing less than expected, keeping the country's trade surplus above the ¥400 billion level for a second month. This also implies that the Japanese economy is carrying solid momentum through to the second half of 2017.

The value of outbound shipments rose 13.4 percent in July, according to provisional figures from the Ministry of Finance, rebounding from a growth of 9.7 percent in June.

Year-on-year growth in exports to Asia were up 14.8 percent, higher by 1.2 percentage points. Growth in shipments to China slowed 1.9 percentage points from the previous month's level to 17.6 percent.

The value of shipments to North America accelerated by climbing 13 percent year on year after tumbling to a pace of 7.8 percent the month prior.

Imports increased less than anticipated, rising 0.8 percentage points from June's level for year-on-year growth of 16.3 percent.

Such flows resulted in a trade surplus of ¥418.8 billion, down less than expected from a revised June surplus of ¥439.8 billion (initially ¥439.9 billion) and above expectations of ¥327.1 billion.