TOKYO / LONDON (IT BOLTWISE) – Japan’s exports exceeded expectations in October, driven by strong demand in Asia and Europe. Exports rose 3.6% year-on-year, while economists had only expected an increase of 1.1%. Despite a decline in exports to North America, Japan was able to benefit from increased demand in other regions.
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Japan’s exports significantly exceeded expectations in October, according to the latest government data. Exports rose by 3.6% compared to the previous year, while economists had only forecast an increase of 1.1%. This development is particularly notable because it came about despite a decline in exports to North America. Demand from Asia and Europe in particular contributed to this growth.
Exports to Asia rose 4.2%, while shipments to Western Europe increased 8.8%. These increases offset the decline in exports to North America, particularly the United States, where a decline of 3.1% was recorded. Automotive exports to the USA were particularly affected, falling by 7.5%, but less sharply than in the previous month.
These positive export figures come at a time when Japan is in a diplomatic conflict with China, its largest trading partner. The conflict could impact trade in the coming months, especially as China has already suspended imports of Japanese seafood. Additionally, reports show that some Japanese brand stores in Shanghai and Beijing have been temporarily closed.
Interestingly, Japan’s imports also rose by 0.7%, against expectations of a decline. This development could be a sign of a recovery in the Japanese economy, which struggled with a 0.4% contraction in GDP in the third quarter. The latest export data could therefore be seen as welcome relief for the struggling economy.
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