Japan's export growth hit its weakest pace in more than two years in April as China-bound shipments slumped amid lingering worries about faltering global economic demand.
Exports rose 2.6% in April from a year earlier, Ministry of Finance data showed on Thursday, slower than a 3.0% increase expected by economists in a Reuters poll and a 4.3% rise in March. It also marked the weakest gain since February 2021 when exports declined 4.5%.in the first quarter, helped by a boost in consumer spending and tourism following the end of COVID-19 pandemic restrictions, but weak exports are weighing on factory activity and hampering a broader recovery.
However, gross domestic product data for January-March on Wednesday showed exports slumped 4.2% in the period, the first quarterly decline in 18 months. "The global economy will slow further in the latter half of this year, so you cannot count on either domestic or external demand, leaving Japan's economy in a soft patch."
U.S.- and European Union-bound shipments grew 10.5% and 11.7% year-on-year in April, respectively, led by a rebound in cars and car parts as supply constraints eased.
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