Print Edition - 2017-11-21 | MONEY
Japan exports climb on demand for cars
Nov 21, 2017-
Japan’s exports grew 14 percent over a year earlier in October on strong demand for vehicles, electronics and machinery. However, customs data released Monday showed even faster growth in imports of oil, gas and coal that caused the trade surplus to fall more than 40 percent from the year before.
As China recovers momentum following a slowdown, demand from the region’s biggest economy is helping to breathe fresh life into its neighbors’ economies.
Exports are helping to drive a moderate recovery in Japan, the world’s third-largest economy, as its factories struggle to keep up with demand for cars, electronic components and manufacturing equipment. At the same time, Japan’s imports have risen thanks to higher costs for crude oil and other commodities: surging 19 percent from the same month a year earlier in October to 6.41 trillion yen ($57 billion) versus exports of 6.7 trillion yen ($59 billion). The resulting surplus of 285.4 billion yen ($2.54 billion) compared with a 481.2 billion yen surplus a year earlier and 667.7 billion yen in September.
China displaced the US as Japan’s biggest export market in October, as shipments to Asia’s biggest economy jumped 26 percent to 1.35 trillion yen ($12 billion). Its imports from China rose 14 percent to 1.62 trillion yen ($14 billion).
Japan’s surplus with the US jumped 11 percent to 644.7 billion yen ($5.75 billion) on exports of 1.28 trillion yen ($11 billion), led by chemicals and machinery.
Published: 21-11-2017 08:09