A cargo ship and containers are seen at an industrial port in Tokyo, Japan, Feb 15, 2022. REUTERS/Kim Kyung-Hoon
TOKYO -Japan’s exports in November fell for the first time in three months dragged down by China-bound chip shipments, underscoring worries that slowing overseas economies may deal another blow to the trade-reliant economy as domestic demand slows.
November exports fell 0.2 percent from the same month a year earlier, Ministry of Finance data showed on Wednesday. It was the first year-on-year decline in three months.
That compared with a 1.5-percent rise expected by economists in a Reuters poll. It followed a 1.6-percent rise in October.
READ: Japan’s export growth slows as global downturn risks loom
Weak exports are a source of concern for Japanese policymakers who are hoping that external demand could help counter weak domestic consumption.
Japan’s economy contracted a faster-than-expected annualized 2.9 percent in the third quarter as capital expenditures and consumption — key drivers of domestic demand — slumped.
READ: Japan’s economy contracted in Q3 as demand waned
Exports to China put a drag on overall shipments including items such as chips, with food shipments falling 60 percent due in part to Beijing’s ban on Japanese seafood and some other produce. China-bound food exports fell to 8.6 billion yen ($59.8 million) in November, the lowest amount since January.
Imports fell 11.9 percent in the year to November, versus the median estimate for an 8.6-percent decrease.
The trade balance came to a deficit of 776.9 billion yen ($5.40 billion), versus the median estimate for a 962.4 billion yen shortfall.
($1 = 143.8700 yen)