Japan’s exports decline for first time in over two years

Japan’s exports fell in July for the first time in 29 months, data from the Ministry of Finance showed on Thursday.

Exports fell 0.3% from a year earlier as shipments of items such as mineral fuels and semiconductor manufacturing equipment declined. Economists surveyed by data provider FactSet had expected exports to fall by 1.0%.

Lower shipments of items such as semiconductor-related products and mineral fuels led to a decline in exports to China and Asia, which fell by 13.4% and 13.2%, respectively.

Exports to the U.S. and EU continued to grow, rising by 13.5% and 12.4% respectively, driven by shipments of products such as cars.

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