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Japan's exports bounce off in October, powered by American car imports
In October, Japan's exports rebounded, reversing from September’s steep dive because US-bound auto shipments rallied, although decelerating global demand along with the intensifying US-China trade conflict worsened the outlook for export-reliant Japan.
The Ministry of Finance data uncovered on Monday disclosed that exports rallied by 8.2% in October from 2017, which is a bit below a 9% leap anticipated by financial analysts in a Reuters survey.
The export surge followed an updated 1.3% annual sink in September that experts told was provoked by natural disasters, which forced a closure of an international airport and also heavily affected factory output, not to mention distribution of goods as well as inbound tourism.
Monday's trade news showed up after GDP data released the previous week, which revealed that Japan's economy, the world's number three one, dived more than anticipated in the third quarter, impacted by the natural disasters as well as sluggish exports.
While the Japanese economy is anticipated to get back to surge this quarter as temporary effects from natural disasters fade away, Japanese policymakers are still wary about the total economic impact of global trade friction as well as decelerating external demand.
According to Monday's trade data, exports to China, which is Japan's key trading partner, headed north by 9% in the year to October mainly led by car engines, vehicles and also plastic raw materials, after September’s sink.
Shipments to Asia, accounting for more than half of Japan's total exports, managed to add 7.3%.
In addition to this, in the year to October, Japan's exports to the United States surged by 11.6%, led by car shipments. US-bound car exports froze at 154,085 cars, adding 3% year-on-year, soaring for the first time for five months.
In the year to October, overall imports surged by 19.9%.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.