Japan’s October Exports Surpass Expectations
Economists had predicted that Japan’s exports would climb only 1.1% year-on-year in October, following a 4.2% increase in September.
Exports to the United States declined 3.1%, while shipments to Asia and Western Europe grew 4.2% and 8.8% respectively, offsetting a 2.7% decrease in exports to North America.
Among Japanese exports to the US, automobiles—the largest by value—fell 7.5% from a year earlier. However, this drop was much milder than the 24.2% slump recorded in the previous month.
Semiconductor exports surged 15.8% year-on-year in October, while overall automotive exports from Japan rose 0.4%.
On the import side, Japan experienced an unexpected 0.7% increase, defying forecasts of a 0.7% decline.
After a challenging third quarter, these stronger-than-expected export figures could provide some relief for Japan’s economy.
The country’s gross domestic product contracted by 0.4% on a quarterly basis, with net exports contributing 0.2 percentage points to the downturn.
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