Japan Posts 3.6 Surge in October Exports
Economists had forecast a modest 1.1% annual increase in export growth for October. The latest figures represent a slight deceleration from September's 4.2% expansion but still exceeded expectations by more than three times.
While American-bound shipments contracted 3.1%, robust demand from Asian markets and Western Europe—which surged 4.2% and 8.8% respectively—offset a broader 2.7% decline across North American destinations.
Automobile exports to the US, Japan's largest export category by value, dropped 7.5% compared to the prior year. Despite the decline, the figure marks a significant improvement from the previous month's steep 24.2% plunge.
The semiconductor sector delivered strong performance with shipments rocketing 15.8% year-over-year in October. Overall automotive exports across all markets posted a modest 0.4% gain.
On the import side, Japan saw an unexpected 0.7% increase, contradicting market forecasts that had predicted an identical 0.7% decrease.
The stronger-than-anticipated export data offers a potential lifeline for Japan's economy following a challenging third quarter. The nation's gross domestic product contracted 0.4% on a quarterly basis, with net exports subtracting 0.2 percentage points from overall growth.
Separately, Japan released consumer inflation figures Friday revealing headline inflation has now surpassed the Bank of Japan's 2% target for 43 straight months.
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