Japan's Exports Rise 43%; Barclays Economist Says No Chance of Double-Dip, Strong Growth Ahead
TOKYO — "Japan's exports rose for a fourth straight month in March as a recovering global economy drove demand for the nation's cars and gadgets. Exports jumped 43.5 percent from a year earlier the government said Thursday.
The figures offer more evidence that robust growth, particularly in Asia, is feeding a turnaround in the world's second-biggest economy, offsetting weak demand and falling prices at home. Shipments rose worldwide, with those to Asia up almost 53 percent.
Exports to the U.S. grew 30 percent, and those to the European Union rose 27 percent, the finance ministry said. Overseas shipments of vehicles more than doubled, while electrical machinery exports were up 43 percent.
Global demand fueled Japan's economy to expand at an annualized pace of 3.8 percent in the October-December period and likely led to another strong showing in the first quarter.
"The possibility that the economy will experience a double-dip recession in 2010 now appears extremely unlikely. Instead, the focus has shifted to how broadly the recovery will expand," said Kyohei Morita, chief Japan economist at Barclays Capital."