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MNI BRIEF: Japan Feb Exports Hit 3rd Straight Rise

(MNI) Tokyo

Japan's exports posted their third straight y/y rise in February, thanks to solid automobile and auto-part shipments, up 7.8% in February, data released by the Ministry of Finance showed on Thursday.

Automobiles rose 19.8% in February down from January's 31.6%, while auto parts gained 22.6% vs. 22.1% the prior month.

The data was largely within the Bank of Japan's forecast which held exports have been affected by slowing overseas economies, but remain more or less flat.

Imports rose 0.5% y/y in February, reversing from -9.6% in January for the first rise in 11 months.

Japan posted a trade deficit of JPY379.4 billion, its second straight instance, following January's JPY1.76 trillion shortfall.

Exports to China, Japan's largest trading partner, rose 2.5% in February for the third straight rise, but slowed from 29.2% in January due to the slowing economy. Exports to the U.S. rose 18.4% in February, the 29th straight rise following +15.6% in January, illustrating its persistent solid economy despite rate hikes. Exports of automobiles to the U.S. rose 31.8% vs. +32.7%.

The BOJ exited easy policy settings Tuesday. (See MNI BOJ WATCH: Ueda Says Rate Path Will Depend On Prices)

MNI Tokyo Bureau | +81 90-2175-0040 |
MNI Tokyo Bureau | +81 90-2175-0040 |

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