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Japan’s export growth slowed in May, primarily due to a decrease in shipments to Asia and China, according to data released by the Ministry of Finance on Thursday.
In May, exports rose 0.6% compared with the same period last year, weaker than the 2.6% increase in April. Economists surveyed by data provider FactSet had expected a 1.1% decline in exports.
Exports bound for the EU and the U.S. led growth among regional destinations, increasing 16.6% and 9.4%, respectively. This expansion was driven by shipments of products like autos and construction and mining machinery.
Exports to China and Asia continued to decline, decreasing 3.4% and 8.1%, respectively.
Imports fell 9.9%, mainly due to a decrease in products like crude oil and coal.
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