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Bloomberg
Japanese exports dropped for a 12th straight month in November, offering no clear indication yet of a pickup despite recent signs of green shoots in global manufacturing.
The value of shipments overseas fell 7.9% in November from a year earlier, dragged down by sliding exports of cars and construction and mining equipment, data from the Ministry of Finance showed on Wednesday. Economists forecast an 8.9% drop.
The drop extended the longest streak of declining Japanese exports since 2016, but analysts said the slightly-better-than-expected figures suggest the slump is at least bottoming. Shipments to China, Japan’s biggest overseas market fell by the least since February.
The ongoing drop in overseas shipments adds to headwinds facing a Japanese economy forecast to shrink 2.6% this quarter as growth also takes a hit from domestic factors, including typhoon damage and a recent hike in the sales tax.
Tech-related exports offered some signs of improvement, though the data was mixed. Overseas shipments of semi-conductor making equipment rose 4.1% in value terms, much better than the average double-digit declines.