Japan’s export growth stays solid as shipments of chips jump

The export growth slowed a tad in August while remaining at an elevated pace, with shipments of semiconductors and chip manufacturing equipment surging. The value of exports rose 19.3% from a year earlier, slowing from a 23.2% gain in July, the Finance Ministry reported Wednesday. The result, the 12th straight month of increases, compared with economists’ median forecast of an 18.4% increase.

Imports rose 28%, compared with economists’ estimate of a 26.3% increase. The trade deficit widened to ¥1.1 trillion on an unadjusted basis from a revised ¥638.3 billion ($4.1 billion) deficit in July, marking a fourth straight month in the red.