Japan’s exports to China post 1st gain since July
Print Edition
JAPANESE exports to China rose for the first time in seven months in February, the government said yesterday, though analysts said the gain was distorted by the timing of the Lunar New Year holiday.
China is Japan’s top trading partner, but China’s economic growth has been slowing as the country tries to pull off a delicate rebalancing toward consumer spending from exports and government spending, even as fears of a “hard landing” are rising.
Japan’s shipments to China rose 5.1 percent in February from the same period of last year, the first gain since July, the finance ministry said.
The increase was led by automobiles, while metal processing machinery and engines were also strong, the ministry said.
The result also contributed to Japan recording an overall trade surplus of 242.8 billion yen (US$2.15 billion) — the first in two months — though falling oil prices were seen as the key contributor.
Marcel Thieliant, an economist at Capital Economics, cautioned against reading too much into the export figures.
“Around half of Japan’s exports end up in countries that celebrate Lunar New Year, and shifts in the timing of the festivities tend to affect trade volumes,” he wrote in a note.
Overall, Japanese exports fell 4 percent in February from the same period of last year, led by steel exports, marking the fifth straight monthly decline.
Imports, meanwhile, declined 14.2 percent, due to sliding prices of liquefied natural gas and oil into resource-poor Japan.
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