Japan's exports surge on chips demand, imports hit record on oil costs

TOKYO, Aug. 20 (Reuters) - Japan's imports hit a monthly record in July as elevated oil prices drove up energy costs and inflationary pressures, while exports also climbed to an all-time high on a weaker yen and robust semiconductor-related demand.

Total imports by value grew 27.8% from a year earlier to 12.1 trillion yen ($76.39 billion), data showed on Thursday, hitting a fresh record for the second straight month and exceeding market forecasts for a 26.5% increase.

Japan's crude oil import volumes have rebounded as alternative supplies, mainly from the United States, replace Middle Eastern shipments disrupted by the conflict in the Middle East.

"The recovery in crude volumes, combined with persistently high oil prices and larger shipments of pricier U.S. crude, has been pushing up the value of imports," said Koki Akimoto, an economist at Daiwa Institute of Research.