Japan's July exports hit five-month high
Japan's exports increased by 23.2% in July, driven mainly by a 49.1% rise in semiconductor equipment shipments, particularly due to demand for artificial intelligence. This marks the fastest growth since October 2022 and supports Japan's economic growth, despite the actual export volume only rising by 5.2%. Imports also saw a record increase of 27.8%, with an 87.8% jump in oil imports due to rising prices and regional tensions. Meanwhile, exports helped bolster Japan's economic growth during the second quarter.
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