Japan’s export volumes picked up strongly in March after a brief setback in the previous month, growing by 7.1 percent year-over-year, compared with an annual rate of 0.5 percent in February, according to Oxford Economics. The improvement was broad-based across sectors and destinations. Shipments to China was particularly strong.
While supply-chain disruptions amid global chip shortages will continue to weigh on car exports in the short-term, Oxford Economics expects overall exports to benefit from robust Chinese demand, a buoyant manufacturing sector and U.S. President Joe Biden’s fiscal plans.
Nominal goods exports rose 16.1 percent year-over-year in March, after a 4.5 percent contraction in February. Shipments to China jumped noticeably by 37.2 percent year-over-year from 3.4 percent in February, reaching the highest level in recorded history. Exports to the United States also picked up 4.9 percent year-over-year from –14 percent in February, but this w
