Japan’s exports surged nearly 12% in January in second straight month of gains
Japan’s exports surged a stronger than expected nearly 12% in January, helped by robust demand for vehicles, auto parts and machinery.
That helped the nation’s trade deficit shrink to 1.76 trillion yen ($12 billion), or about half of what it was a year earlier.
Imports, which have been declining on-month for nearly a year, declined 9.6% from the previous year, totaling 9 trillion yen ($60 billion). The biggest declines were for imports of oil, natural gas and iron ore, partly due to declines in prices, but also weak demand.
By region, exports to North America, the rest of Asia and the Middle East rose, while imports from all regions fell.
Exports in January totaled 7.3 trillion yen ($48 billion), marking the second straight month of growth, according to the Finance Ministry’s preliminary report. Analysts had forecast growth at about 10%.
Exports to China jumped 29%, helped by strong demand for computer chip-making equipment.
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