Global Markets: Japan exports extend growth streak despite Middle East supply disruptions (opens original article in a new tab)

Japan's exports grew 17% in May amid Middle East supply disruptions, driven by semiconductors and a weaker yen, while imports rose due to higher energy prices, resulting in a smaller-than-expected trade deficit.

• Japan's exports rose 17% year-on-year in May, driven by a weaker yen and strong demand for semiconductors
• Imports increased 12.5% in May, primarily due to higher energy prices and record-high crude oil import costs
• Japan recorded a trade deficit of 378.7 billion yen in May, smaller than expected due to stronger exports
• Crude oil imports from the Middle East fell 61.9% by volume in May, while imports from the U.S. increased 24%
• U.S. and Iranian officials agreed on a framework to reopen the Strait of Hormuz, but analysts remain cautious about recovery speed