Japan’s exports rose more than forecast in July, bouncing back from two straight declines to support an economy that contracted last quarter by the most since a record earthquake in 2011.
Overseas shipments rose 3.9 percent from a year earlier, the finance ministry said in Tokyo today. That’s higher than the median estimate for a 3.8 percent gain in a Bloomberg News survey of 28 economists. Imports rose 2.3 percent, leaving a deficit of 964 billion yen ($9.36 billion).
The rebound in shipments may help Prime Minister Shinzo Abe to raise the sales tax again after boosting it to 8 percent in April. The economy is forecast to expand an annualized 2.9 percent this quarter after contracting 6.8 percent in the April-June period, as consumers and businesses cut spending after the tax increase.