Japan’s exports rise in June on strong car shipments

Japan’s exports rose in June led by strong growth in car shipments, data released by the Ministry of Finance showed Thursday.

Exports rose 1.5% on year, the 28th straight month of increase, with car shipments growing 49.7%.

Economists surveyed by data provider FactSet had expected a 2.2% increase in exports.

Exports to the EU and the U.S. led the growth among regional destinations, rising 15% and 11.7%, respectively. The rise was driven by shipments of products like cars and construction and mining machinery.

However, lower shipments of products such as steel led to a decline in exports to China and Asia, which fell 11% and 8.4%, respectively.

Imports fell 12.9%, mainly due to lower demand for products such as coal, crude oil and liquefied natural gas.

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