In June 2022, the volume of Japanese exports grew by 19.4% year-on-year, to a maximum of 8.628 trillion yen ($62.4 billion) since November 2021, the country’s Ministry of Finance announced.

The increase in exports is noted for 16 months in a row. Experts polled by Trading Economics, on average, expected it to increase by 17.5% in June.

Exports of industrial equipment grew by 14.3%, vehicles – by 3.4%, including cars – by 0.4%. Deliveries abroad of iron and steel increased by 44.2%, chemical products – by 19.6%.

Exports to China increased by 8.3%, to the USA – by 15.7%, to Hong Kong – by 14.3%, to South Korea – by 27.1%.

The volume of imports soared 1.46 times (46.1%), to 10.012 trillion yen. Analysts, on average, had forecast a 45.7% rise after a 48.9% jump in May.

Japanese imports have been growing at a double-digit percentage rate for 15 consecutive months.

Imports of mineral fuel increased 2.4 times in June, including gasoline – 2.5 times, coal – 6.9%. Purchases of chemical products grew by 33.7%, vehicles – by 5.2%.

Imports from China jumped by 33.3%, from the US – by 25.2%, from Hong Kong – by 20.9%, from South Korea – by 15.8%.

During the period from January to June, the volume of Japanese exports increased by 15.2% compared to the same period last year, imports – by 24.6%.

Japan’s foreign trade deficit totaled 1.384 trillion yen last month, compared to 2.386 trillion yen and a surplus of 369.4 billion yen a year earlier. According to the results of the first half of the year, the deficit amounted to 7.924 trillion yen.