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Japan exports seen growing in October on robust external demand
November 17, 2017 / 3:38 AM / 25 days ago

Japan exports seen growing in October on robust external demand

TOKYO (Reuters) - Japan’s exports are expected to have risen for an eleventh straight month in October, led by robust demand for cars and electronics manufacturing equipment as the world’s third-largest economy continues its recovery, a Reuters poll showed on Friday.

Japan’s gross domestic product expanded for a seventh straight quarter in July-September due to strong exports such as cars and electronic parts to the United States and Asia.

Economists predict the economy will continue to grow moderately as exports retain their solid trend, however, Japan faces challenges in its bid to boost weak consumer spending and inflation.

Exports are forecast to have grown 15.8 percent in October from a year ago, the poll of 20 economists showed, as overseas demand for cars and semiconductor manufacturing equipment grew.

Imports likely rose 20.2 percent in October from a year ago, the fastest pace of growth since January 2014, as higher oil prices inflate import costs, the poll found.

The trade balance likely stood at 330.0 billion yen ($2.93 billion) in October, narrowing from a revised 667.7 billion yen in September.

“We expect exports will continue to grow because there is no change to favorable external environment in the October-December period so far,” said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities.

The finance ministry will announce the trade data at 8:50 a.m. Tokyo time on Monday (2350 GMT Sunday).

Recent economic data suggests Japan is breaking out the grip of deflation that has stunted growth for years, according to analysis the government submitted to the advisory panel on Thursday.

Japan’s government is due to announce a package of economic measures by year-end aimed at increasing investment in skills training and raising productivity.

Reporting by Kaori Kaneko; Editing by Sam Holmes

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