Japan's oil imports from UAE rise as economic growth exceeds prospects
(MENAFN) In July 2024, Japan imported 31.07 million barrels of oil from the United Arab Emirates, which accounted for 49.1 percent of its total oil imports for the month, according to data from the Natural Resources and energy Agency of Japan's Ministry of Economy, Trade, and Industry. This figure is part of a broader trend in which Japan imported approximately 63.32 million barrels of oil in July. Notably, Arab oil represented a substantial 97.8 percent of these imports, totaling 61.92 million barrels.
Amid this significant increase in oil imports from the UAE, Japan's Economy experienced an unexpectedly robust annual growth rate of 3.1 percent in the second quarter. This growth marks a strong recovery from the recession encountered earlier in the year, primarily driven by vigorous consumer spending. This economic rebound strengthens the case for a potential interest rate hike in the near future. Despite the positive growth figures, private consumption remains a weak point within the economy. Rising living costs, partly attributed to higher import prices driven by a weaker yen, have continued to challenge Japanese households.
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