Japan Exports Fall for First Time in 10 Months

Exports from Japan shrank by 1.7% yoy to JPY 9,038.20 billion in September 2024, reversing a marginally revised 5.5% growth in August and missing market forecasts of a 0.5% rise.

It was the first drop since November 2023, with sales of transport equipment declining 7.5%, weighed by motor vehicles (-9.2%) and cars (-9.7%).

Also, machinery shipments fell 3.3%, mainly due to power generating machine (-6.0%).

Sales of manufactured goods slipped 0.3%, owing to iron & steel products (-5.7%).

By contrast, electrical machinery exports increased 0.8%, helped by semiconductors (10.1%) and IC (19.3%).

Shipments of others gained 9.5%, lifted by scientific, optical instruments (4.8%); while chemical shipments added 1.3%, supported by plastic materials (5.2%).

Exports dipped to China (-7.3%), the US (-2.4%), Thailand (-8.6%), Vietnam (-4.7%), Germany (-7.5%), and the EU (-9.0%), but rose to Hong Kong (8.1%), Taiwan (12.9%), South Korea (4.4%), Singapore (9.8%), India (18.4%), and Russia (98.5%).