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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search ADVERTISEMENT Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Japan's exports log fastest rise in 30 years AFP - Wednesday, March 24 Send IM Story Print Japan's exports log fastest rise in 30 years Slideshow: Full Photo Coverage: Business & Economy TOKYO (AFP) - – Japan's exports soared at the fastest pace in about three decades last month, helping the world's number two economy to extend a recovery from the worst recession in decades, data showed Wednesday. Worldwide demand for Japanese cars, electronics and other goods are rebounding after collapsing during the global economic crisis which erupted in 2008. Exports in February leapt 45.3 percent to 5.13 trillion yen (56 billion dollars), the fastest year-on-year growth since April 1980, according to the finance ministry. While exports are still about one quarter lower than their level two years ago, the picture has brightened significantly compared with February 2009, when shipments roughly halved from a year earlier. "Exports, the driving force of a recovery in Japanese corporate earnings, have maintained their steam," said Naoki Murakami, chief economist at Monex Securities. "The momentum in the global economic recovery is becoming stronger thanks to a US rebound since late 2009," which followed upturns in the Chinese and other Asian economies, Murakami wrote in a note. Last month Japan's trade surplus surged more than nine-fold to 651.0 billion yen (7.2 billion dollars) from 70.8 billion a year earlier, topping market expectations. Shipments of automobiles more than doubled despite the safety woes of Toyota Motor, which has recalled more than eight million vehicles worldwide. Auto part exports rose 121.7 percent while electronics components were up 69.1 percent. Imports increased 29.5 percent to 4.48 trillion yen owing to higher prices of oil and nonferrous metals. Japan's surplus with the United States surged 173.0 percent to 395.9 billion yen and with the European Union it rose 69.9 percent to 165.9 billion yen. With China, Japan's biggest trading partner, the trade balance slipped into a deficit of 24.6 billion yen from a year-earlier surplus of 10.6 billion yen. Japan's exports to China grew 47.7 percent on robust shipments of cars and parts but imports rose by a brisker 54.3 percent due to increased purchases of clothing, audio and video devices, computers and other electronic equipment. The Japanese economy is still relatively weak but domestic demand has been somewhat resilient helped by a recent slight upturn in wages, said Takeshi Minami, economist at Norinchukin Research Institute. "As long as China's economy grows healthily, Japan will keep benefiting," Minami said. "On the other hand, China's credit-tightening policy, if excessive, could pose risks to Japanese exports." Japan's economy plunged into its most severe post-war recession in 2008, with its heavy dependence on foreign markets making it one of the worst affected by the global economic downturn. It returned to growth in the second quarter of 2009 but the recovery remains fragile with falling consumer prices, high public debt and weak domestic demand all major concerns for policymakers. Toyota's US sales in February of this year dropped 8.7 percent but "exports of automobiles and auto parts from Japan to the United States were not affected," said Minami. "Now that the recall problem seem to be easing, it is unlikely to have a big impact on Japanese exports in the future," he said. 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