Japan's October Export Value Up 9.4% YoY... Lowest in 8 Months

[Image source=AP Yonhap News]

[Asia Economy Reporter Kim Suhwan] Japan's export value in October increased at the lowest rate in 8 months.

On the 17th, Japan's Ministry of Finance announced that October exports reached 7.184 trillion yen, a 9.4% increase compared to the same month last year. This fell short of the market forecast of a 10.3% increase and was the smallest rise since March, when exports surged 16.1% year-on-year.

The Ministry of Finance also reported that October imports rose 26.7% from the same period last year to 7.251 trillion yen.

Accordingly, the trade balance, calculated as exports minus imports, showed a deficit of 67.4 billion yen. This exceeded the forecasted deficit of 310 billion yen.

By major countries, exports to the United States increased by 0.4%, while exports to China and Europe surged 9.5% and 12.1%, respectively, leading the overall export growth.

In particular, vehicle exports to the United States sharply declined by 46.4% year-on-year, which narrowed the overall export growth margin.

This content was produced with the assistance of AI translation services.