Japan sees largest export gain since 2017

Japan saw its exports accelerating at their sharpest pace in more than three years in March. The expansion was mainly from an increase in China-bound shipments, indicating that the country’s recovery from last year’s sharp coronavirus drag continues to gain momentum.

Exports recorded a 16.1% increase in March from a year ago, data from the Ministry of Finance showed on Monday. The figure came larger than the 11.6% jump expected in a Reuters survey, marking the sharpest increase ever recorded since November 2017.

While U.S.-bound shipments were weak, China-bound exports fueled the expansion with a 37.2% hike in the year ended March. The trade data came after Japan posted an upbeat manufacturing sentiment, with firms’ confidence hitting a two-year high record from a strong surge in the electronics sector.