TOKYO: Japan’s export growth slowed more than expected in July as shipments to the US fell for a second straight month, with the automotive sector down sharply and global trade disputes casting doubts over foreign demand. Ministry of Finance (MOF) data out on Thursday showed exports rose 3.9 per cent year-on-year in July, far below a 6.3 per cent increase expected by economists in a Reuters poll. The rise followed a 6.7 per cent year-on-year gain in June. Japan’s exports to the US fell 5.2 per cent year-on-year in July, down for a second straight month, due to a 12.1 per cent decline in car shipments.
“The drop in US-bound car exports was in reaction to brisk sales seen there a year ago, boosted by the solid US economy and declines in oil prices,” said an MOF official in charge of compiling the data.