Japan's exports rose 2.8% year-on-year in December 2024, reaching a record high of JPY 9,910.60 billion, surpassing market expectations of a 2.3% increase and marking the third consecutive month of growth.
Japan exports reach record high in December
Machinery exports grew by 3.7%, with semiconductor machinery leading the way at 10.6%. Electrical machinery exports rose 4.7%, driven by a 6.5% increase in semiconductors, while exports of other items climbed 14.7%, particularly scientific and optical instruments (5.0%). Chemical exports were up 6.3%, with plastics contributing 6.9%, and manufactured goods added 0.3%, primarily from iron and steel products.
Japan exports rise, transport shipments fall
However, transport equipment shipments declined by 7.6%, impacted by lower sales of motor vehicles (-5.9%) and cars (-5.2%). Japan's exports saw strong growth to Hong Kong (14.2%), Taiwan (17.2%), South Korea (10.9%), India (5.5%), Germany (5.8%), Russia (10.3%), and the EU (0.5%). Sales to ASEAN countries increased by 7.6%, notably Singapore (27.6%) and Thailand (2.7%), while exports fell to China (-3.0%), the US (-2.1%), and Australia (-11.9%).
