In May, Japan’s exports advanced at the fastest pace in more than two years. A poll showed that high demand for goods produced in Japan supported moderate economic recovery in the country. Exports rose by 14.9 percent in May, it was the biggest increase since January 2015. Still, the growth came out below analysts’ expectations for a 16.1 percent gain.
Exports and production in the country were backed by economic improvement overseas. The Bank of Japan increased its assessment of private consumption, which means the bank grew more confident that the economic growth based on exports is accelerating.
Economists point out that the global economy is reviving, emerging markets in particular. The uptrend in the exports is likely to continue this year.
The imports are expected to climb by 14.8 percent on a yearly basis, which will be the fifth monthly growth in a row. Besides, according to forecasts, prices for liquefied natural gas, coal and crude oil will advance.
Higher crude prices increased import costs. The strength of the inner economy also boosted the rise in exports.
According to the poll, the Bank of Japan is expected to report a trade surplus of 76 billion yen (683.64 million dollars) in May.
