MNI BRIEF: Autos, Ships Push Japan Jan Exports Higher
MNI (TOKYO) - Japan’s exports posted their fourth straight rise in January, up 7.2% vs. +2.8% in December, thanks to an increase in automobile and vessel shipments, data released by the Ministry of Finance showed on Wednesday.
Exports of automobiles rose 10.5% in January following a 5.9% decline in December, while exports of ships rose 106.9%.
Imports increased 16.7% in January for the second straight rise following +1.7% in December.
Japan posted a trade deficit of JPY2.76 trillion, the first deficit in two months following December's JPY132.5 billion surplus.
Exports to China, Japan's largest trading partner, fell 6.2% in January for the second straight drop following -3.1% in December, showing its economy continues weakening. Shipments to the U.S. rose 8.1% in January for the first rise in six months following -2.1% in December, while exports of automobiles rose 21.8% vs. -6.8% in December.
While the data was largely within the Bank of Japan’s latest assessment that exports have been more or less flat, bank officials will focus on how the real export index to the U.S. evolves after a 20.5% m/m rise in December (-5.0% q/q in Q4).