February - Exports jump 45.3% on PY

Japan's exports jumped a year-on-year 45.3 percent in February to 5,128.67 billion yen, the third straight monthly expansion, adding to signs that the nation's gradual economic recovery has been driven by growing demand from the rest of Asia and the United States, Finance Ministry data showed Wednesday.

Exports to all regions turned positive for the first time since August 2007, the ministry said, adding that the growth rate is the third largest on record.

Imports rose for the second straight month, up 29.5 percent to 4,477.69 billion yen, registering the biggest growth since February 2006, the ministry said in a preliminary report.

As a result, Japan's trade surplus stood at 650.98 billion yen, up 818.8 percent -- the second largest on record.

Exports to China widened for the fourth consecutive month, up 47.7 percent to 902.42 billion yen, with demand for passenger cars, auto parts and high-tech devices strengthening.

Imports from China, Japan's No. 1 trading partner, grew for the first time in 16 months, up 54.3 percent to 926.98 billion yen, partly because shipments of clothing expanded for the first time since last March.

With its Asian neighbors, Japan's exports rose 55.7 percent to 2,775.59 billion yen, as more semiconductors and electronic components were shipped to such economies as Taiwan and Malaysia.

To the United States, exports increased for the second month running, up 50.4 percent to 837.07 billion yen, as shipments of cars in terms of value ballooned a record 129.9 percent from a year ago.

Finance Ministry officials said the latest figures show that Toyota Motor Corp.'s recall problems did not lead to a slowdown in exports of Japanese cars and other manufactured products to the U.S. market.

However, they noted that the record growth in auto shipments is attributable to a favorable year-on-year comparison.

In February, Japan's exports reached about 70 percent of their peaks before the economic crisis took a heavy toll on almost all kinds of businesses.

Shipments to the European Union rose for the third straight month, up 19.7 percent to 588.02 billion yen. Imports grew for the first time in 17 months, up 7.3 percent to 422.08 billion yen, with more pharmaceutical products and cars entering the Japanese market.

By region, exports to the Middle East, Central and Eastern Europe, and Russia turned positive in the reporting month for the first time in many months, according to the ministry.

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