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Japan’s exports fell in July for the first time in 29 months, data from the Ministry of Finance showed on Thursday.
Exports fell 0.3% from a year earlier as shipments of items such as mineral fuels and semiconductor manufacturing equipment declined. Economists surveyed by data provider FactSet had expected exports to fall by 1.0%.
Lower shipments of items such as semiconductor-related products and mineral fuels led to a decline in exports to China and Asia, which fell by 13.4% and 13.2%, respectively.
Exports to the U.S. and EU continued to grow, rising by 13.5% and 12.4% respectively, driven by shipments of products such as cars.
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