Japanese exports surged in July seeing further growth hopes for the world’s third biggest economy as electric machinery and cars bumped up the export rate by 3.9%.
With the Japanese government pinning their hopes on an export-led recovery, after contractions in the economy due to natural disasters, it would appear that this is starting to happen for them, as last month saw the country’s exports rise to a greater high than a year ago. With the trade deficit in Japan growing, concerted efforts are being made to counteract this as it is needed to help with a domestic slump that has come, in part, due to a rise in sales tax. The government is to reconsider the tax in 2015.
Export growth in Japan has been moderate but with large Asian markets, such as China, gaining momentum and European markets also starting to pick up there is a great hope that this could further accelerate.
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