Japan exports blow past expectations in Jan, imports tumble
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Investing.com– Japanese exports grew much more than expected in January, boosted by improved overseas demand for automobiles and electronics, although sluggish domestic demand saw a bigger-than-expected fall in imports.
Exports grew 11.9% year-on-year in January, much more than expectations for a 9.5% rise and the prior month’s reading of 9.8%, official data showed on Wednesday. The reading was also Japan’s fastest pace of export growth since November 2022.
Imports shrank 9.6%, more than expectations for a drop of 8.4% and accelerating from the 6.8% decline seen in December.
Higher exports and weaker imports saw Japan’s trade balance come to a deficit of 1.758 trillion yen ($11.73 billion), compared to expectations for a deficit of 1.925 trillion yen and the prior month’s surplus of 62.1 billion yen.
The reading indicated that Japan’s major exporters were likely to continue benefiting from improved overseas demand and a weakening yen in the near-term, offering the economy some support. A recovery in tourism also factored into stronger exports.
But worsening imports signaled that local economic conditions were likely to remain subdued. Japan had unexpectedly entered a technical recession in the fourth quarter, recent data showed.
