MNI BRIEF: Japan's Feb Exports Rise 11.4%; Auto Shipments Up
MNI (TOKYO) - Japan’s exports posted their fifth straight rise in February, up 11.4% from January's 7.3% driven by higher automobile shipments, which grew 2.9 percentage points to 13.4%, data released by the Ministry of Finance showed on Wednesday showed.
Imports fell 0.7% in February for the first m/m drop in three months following +16.5% in January.
Japan also posted a trade surplus of JPY584.5 billion, the first surplus in two months following January's JPY2.74 trillion deficit.
Exports to China, Japan's largest trading partner, rose 14.1% in February for the first rise in three months following -6.1% in January, while shipments to the U.S. increased 10.5%, the second straight rise following +8.1% in January. Automobiles exports to the U.S. also rose 13.9%, down from the prior month's 21.8% gain.
Bank of Japan officials place more weight on quarterly results. Early year data is typically also impacted by the Chinese New Year holiday, which makes gauging the trend harder. Bank officials will also monitor how the real U.S. export index evolves after a 6.4% m/m drop in January (-4.9% q/q in Q4) due to its significant impact on the economy amid weak Chinese and eurozone demand.