MNI BRIEF: Japan Sept Exports Post 1st Drop In 10 Months
MNI (SYDNEY) - Japan’s exports posted their first y/y drop in 10 months in September, down 1.7% following August's 5.5% gain, driven by the slowing global economy, data released by the Ministry of Finance showed on Thursday.
The data was largely within the Bank of Japan’s latest assessment that exports have been more or less flat.
Exports of automobiles fell 9.2% following August's 9.9% drop, while semiconductor manufacturing equipment shipments rose 26.3% against the prior month's 55.2% increase. Imports rose 2.1% y/y in September for the sixth straight gain following 2.3% in August.
Japan posted a trade deficit for the third straight month of JPY294.3 billion following August's JPY703.2 billion deficit.
Exports to China, Japan's largest trading partner, fell 7.3% in September, the first drop in 10 months following +5.2% in August. Shipments to the U.S. fell 2.4%, the second straight drop following -0.7% in August, which was the first drop in 35 months, showing the economy is slowing.
Exports of automobiles to the U.S. fell 18.9% following -14.2% in August.