Japanese exports fell by more than 20pc for a third straight month even as key markets started to reopen after virus shutdowns.
The value of Japan's overall shipments overseas slid 26.2pc in June from a year earlier, led by steep declines in exports of cars and auto parts, the finance ministry reported yesterday. Economists forecast a 24.7pc fall.
Although exports continued to be down sharply compared with the previous year, there were signs declines may have bottomed. Car exports halved in June compared with falls of around two-thirds in May. Overall drops in exports to the US and the EU were about 4 to 5 percentage points less than in the prior month.
Bloomberg economists predict a continued export recovery in 3Q - depending on the shape of the recoveries in demand in the US and Europe. Japan's imports should also recover at around the same pace, they said.