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Saturday 05th of March 2011
November 25, 2010    

Japanese exports slow further in October

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by Kay Murchie

Government data has today revealed a further slowdown in Japanese exports in October.

Not only were the figures below expectations but they grew at their slowest pace this year, as the strong yen continues to weaken demand for exports and threatens the economic recovery.

Exports grew 7.8% in October - way below the 14.3% reported in September.

Meanwhile, exports to Europe fell - suggesting slower economic growth in the region and represented the first time in almost a year that exports to this area fell.

Export growth to the US also slowed. However, exports to China - Japan’s largest export market - were up 17.5%.

Meanwhile, imports rose 8.7% to 4.90 trillion yen, the Government said, representing the 10th consecutive monthly rise.

The rise was fuelled by demand for iron ore, coal and liquid natural gas.

Japan’s trade surplus grew 2.7% to 82.19 billion yen.

In related news, official data earlier this month revealed Japan’s economy grew strongly in the July to September period after the expiry of a Government incentive prompted a rush of car buyers and a sharp rise in cigarette sales before a new tobacco tax was levied.

In addition, the hottest summer ever boosted sales of air conditioners and other related items, fuelling growth.

The world’s third largest economy grew 0.9% on a quarterly basis, while on an annualised basis, growth of 3.9% was recorded – almost double the rate of growth seen in the US in the same period.

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