Japan Imports Unexpectedly Rise

Imports to Japan grew 0.4% yoy to a 3-month high of JPY 9,887.91 billion in October 2024, beating market consensus of a 0.3% drop and after a downwardly revised 1.8% rise in September.

It was the seventh month of increase in purchases, with chemical imports rising by 5.6%, led by medical products (5.2%).

Also, machinery arrivals gained 12.5%, driven by computers (46.0%); and manufactured goods imports rose 5.6%.

By contrast, purchases of mineral fuels tumbled 11.5%, notably petroleum (-14.2%) and LNG (-2.9%).

Imports of others fell 0.6%, and those of transport equipment dipped 7.7% due to motor vehicles (-15.0%).

Meantime, purchases of electrical machinery stalled.

Imports rose from China (5.6%), Hong Kong (25.6%), South Korea (8.5%), India (56.2%), Vietnam (4.0%), and the EU (3.9%).

Purchases from the ASEAN countries grew by 5.9%, mainly Indonesia (6.5%) and Malaysia (11.2%).

Conversely, imports fell from the US (-0.7%), Germany (-0.6%), Russia (-5.0%), and the Middle East (-13.5%).