Japan exports rise for the first time in three months | Inquirer Business

Japan exports rise for the first time in three months

/ 09:03 AM October 19, 2023

Industrial port in Tokyo

A cargo ship and containers are seen at an industrial port in Tokyo, Japan, Feb 15, 2022. REUTERS/Kim Kyung-Hoon/ File photo

TOKYO  – Japan’s exports grew for the first time in three months in September, amid signs of resilience in overseas markets, but a worsening conflict in the Middle East and slowdown in China cloud the outlook for the world’s third-largest economy.

Exports grew 4.3 percent in September from a year earlier, Ministry of Finance (MOF) data showed on Thursday, bigger than a 3.1-percent increase expected by economists in a Reuters poll and a 0.8- percent fall in August.

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Exports were driven by car shipments, which account for 18 percent of overall exports, offsetting declines in exports of chip-related products. China-bound food exports, including fishery produce, tumbled 58 percent year-on-year in September due to its ban on Japanese food imports on worries about water released from the Fukushima nuclear power plant.

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By destination, exports to China, Japan’s largest trading partner followed by the United States, fell 6.2 percent year-on-year in September, posting a 10th straight month of decline, dragged by weaker demand for chips and electronic parts, food and electronic circuits.

U.S.-bound exports rose 13 percent year-on-year, led by hybrid vehicles, mining and construction machinery and motors.

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China’s economy grew at a faster-than-expected clip in the third quarter, while consumption and industrial activity in September also surprised on the upside, suggesting the recent flurry of policy measures is supporting a tentative recovery.

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The trade data also showed imports fell 16.3 percent in the year to September, versus the median estimate for a 12.9- percent decrease.

($1 = 149.7500 yen)

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TAGS: China, Exports, Japan, Middle East

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