Japan Imports Soar to Record High on Oil Prices as Exports Boom

Japan's imports surged to a record high in July due to elevated oil prices and inflationary pressures, while exports also climbed to an all-time high on a weaker yen and robust semiconductor-related demand.

Total imports by value grew 27.8% from a year earlier to 12.1 trillion yen ($76.39 billion), exceeding market forecasts for a 26.5% increase.

The recovery in crude oil import volumes, combined with persistently high oil prices and larger shipments of pricier U.S. crude, has been pushing up the value of imports, said Koki Akimoto, an economist at Daiwa Institute of Research.

Exports surged 23.2% year-on-year to a record 11.5 trillion yen, more than the median market forecast for a 19.9% increase and following a 19.3% rise in June.