June 29, 2022

Japan’s finance ministry reports the country’s auto exports to fall by 36.7 percent in October from a year earlier amid a parts and semiconductor shortage that led domestic automakers to reduce production.

According to a preliminary report by the ministry, the latest drop is was the second straight monthly fall in car shipments on year, causing growth in the country’s overall goods exports to decelerate to 9.4 percent from 13.0 percent in September.

The ministry also mentioned that goods exports recorded to 7.18 trillion yen ($62.5 billion), failing to post a double-digit percentage rise for the first time in eight months.

Imports and exports summary –

• The country’s imports rose over prices of crude oil remained at high levels from such producers as the United Arab Emirates at 26.7 percent to 7.25 trillion yen, up for the ninth month in a row.
• The Japanese yen also weakened against the U.S. dollar, as a result of which the country’s trade balance registered a deficit of 67.37 billion yen.
• In the meantime, exports and imports fell 2.6 percent and 3.0 percent, respectively, by volume over possible surging prices of raw materials.
• In the reporting period, exports to Asia rose 4.24 trillion yen, up 15.0 percent from the previous year due to rising shipments of steel, and semiconductor-producing equipment to designated regions.
• Imports from the region rose 14.7 percent to 3.47 trillion yen.
• As per Japan’s exports by country, China it rose 9.5 percent to 1.60 trillion yen, up for the 16th successive month, on solid demand for semiconductors.
• While imports from the same country increased 11.4 percent to 1.72 trillion yen.
• Japanese exports with the United States, increased 0.4 percent to 1.30 trillion yen as a 46.4 percent fall in car shipments almost offset growth in chip-making equipment and construction machinery.
• While imports rose pushed up by rises in energy resources such as liquefied petroleum gas at 18.5 percent to 717.22 billion yen.
• Japan’s exports with the European Union, rose 12.1 percent to 671.53 billion yen.
• While imports with the same rose 18.8 percent to 761.87 billion yen.