Japan\u2019s exports rose at the fastest clip in more than three years as demand for chips related to artificial intelligence offset sluggish car shipments to the U.S., in data that were helped somewhat by the Lunar New Year effect.<\/p>\n
The value of overall exports gained 16.8% in January from a year earlier, the sharpest increase since November 2022, the Finance Ministry reported Wednesday. That beat the median analyst forecast of a 13% rise. Overall shipments of semiconductors and other electronic components rose by almost 40%, led by a 51.7% jump in exports destined for China.<\/p>\n
The figures come against a backdrop of growing optimism over the outlook for international commerce at the World Trade Organization. The WTO\u2019s director-general said last month that the rapid acceleration of artificial intelligence may underpin global merchandise trade this year, helping overcome U.S. tariff headwinds.<\/p>\n
\u201cSome semiconductor-related shipments are showing strength and that\u2019s probably the benefit of rising AI demand,\u201d said Takeshi Minami, chief economist at Norinchukin Research Institute. \u201cThe data confirm little impact from U.S. tariffs as a weak yen is helping Japanese exporters.\u201d<\/p>\n
The data show that goods exports continue to pick up as companies work around the impact of U.S. tariffs, which eased somewhat following a trade deal last year. Japan and the U.S. are working to implement Tokyo\u2019s pledge to increase investment in the U.S., a key provision of the agreement that reduced tariffs on U.S. imports of Japanese cars.<\/p>\n
Tokyo plans to invest $36 billion in U.S. oil, gas and critical mineral projects, the first tranche of the $550 billion commitment. Those plans, announced overnight, come ahead of Prime Minister Sanae Takaichi\u2019s planned visit to Washington for a meeting with U.S. President Donald Trump in March.<\/p>\n
By region, exports to China rose by 32%, while those destined for the European Union increased 29.6% and those to the U.S. fell 5%. The figures for China were distorted by the Lunar New Year factor, as the holidays fell in January a year ago.<\/p>\n
\u201cSome special factors are at play, including front loading before the Chinese new year, so Japan\u2019s exports aren\u2019t as strong as the headline figure suggests,\u201d Minami said. \u201cBut it\u2019s probably safe to say they\u2019re recovering gradually.\u201d<\/p>\n
The value of auto shipments to the U.S. fell 9.9%, while the number of vehicles shipped declined by only 0.8% from a year earlier. The gap suggests Japanese carmakers faced with Trump\u2019s tariffs are continuing to sacrifice profits in order to maintain market share in the U.S. through price cuts. There\u2019s a risk that narrowing profit margins resulting from the strategy may limit the firms\u2019 capacity to raise wages at home.<\/p>\n
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