Tokyo, Oct. 19 (BNA): Japan’s exports hit a record level in September, climbing for the first time in three months as automakers revved up shipments to the U.S. and Europe, unshackled from a global chip shortage that had held them back a year earlier.
Export growth was 4.3%, outperforming economists’ expectations of a 3.1% increase and a 0.8% fall in August. The value of shipments clocked in at 9.2 trillion yen ($61 billion), a 2% increase over the previous record logged in October last year, Reuters reported.
Exports turned out solid overall despite concerns about the global economic slowdown, said Takeshi Minami, chief economist at Norinchukin Research Institute.
At the same time, imports slumped by a somewhat larger-than-expected 16.3% as the base-line effects of higher energy bills.
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