JAPAN's recession-struck economy enjoyed an export recovery in December on the back of a weak yen and renewed US demand even as doubts persist about the strength of global consumption, reports Reuters.
The yen has fallen sharply against the dollar although it has pulled back from recent lows. The dollar was at 118 yen this week, off a seven-year high of above 120 yen last month.
December's 12.9 per cent year-on-year export increase was the fourth straight month of growth, supported by shipments of cars to the US and of electronics to China, said the Ministry of Finance (MOF).
MOF data showed exports to the United States rose 23.7 per cent in the year to December, while those to China rose 4.3 per cent.
Imports rose less than expected, rising 1.9 per cent in December versus a 2.3 per cent gain expected, as sharp falls in crude oil prices cut into the value of purchases.
A recovery in exports, which has been a soft spot in the world's third-largest economy, could be a source of comfort for Prime Minister Shinzo Abe, who is trying to rekindle growth after an April sales tax hike drove Japan into a recession, said Reuters.
Still, with the exception of the United States, a largely gloomy global economic outlook has cast a cloud over external demand. The slump in oil prices to below $50 a barrel has also heightened global consumption and deflation concerns.
WORLD SHIPPING
29 January 2015 - 19:07
Japanese December exports up 12.9pc, signalling recovery from recession
JAPAN's recession-struck economy enjoyed an export recovery in December on the back of a weak yen and renewed US demand even as doubts persist about the strength of global consumption, reports Reuters.
WORLD SHIPPING
29 January 2015 - 19:07
Japanese December exports up 12.9pc, signalling recovery from recession
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