TOKYO (Reuters) -Japan's exports rose more than expected in January, driven by U.S.-bound shipments of autos and car parts and Chinese demand for chip-making equipment, although the worsening factory sector mood added to concerns about broader economic weakness. Ministry of Finance data out on Wednesday showed Japan's exports rose 11.9% in January from the same month a year ago, faster than a 9.5% gain expected by economists in a Reuters poll and 9.7% growth in the previous month. While the brisk exports could ease some concerns about further economic declines, the Reuters Tankan survey showed manufacturers' business morale soured sharply in February, with pessimists outnumbering optimists for the first time in 10 months.
Japan's Merchandise Trade Balance Total for January fell by less than expected, printing at ¥-1.75 trillion after an unexpected upswing in Japanese Exports, which rose to a 14-month high of 11.9% YoY versus the forecast decline to 9.5% from the previous period's 9.7% (revised from 9.8%).
Japan’s exports fell 0.8% last month from a year earlier, with steep declines in shipments to China and the rest of Asia, its largest regional market. Imports sank nearly 18%, the Japanese Finance Ministry said in preliminary data released Wednesday. A large share of that was an 11% drop in the value of shipments to China, whose economy has slowed in recent months as a hoped-for rebound from disruptions of the COVID-19 pandemic fizzled.