JAPAN's exports rose 18.6 per cent in the year to October driven by a surge in car shipments, beating market expectations of 16.5 per cent and representing the biggest annual increase in three years, according to data from the Ministry of Finance.
Exports also rebounded in volume terms, up 4.4 per cent from a year earlier.
Sluggish exports have been a source of concern for policymakers as shipment volume has struggled to pick up despite a weak yen, down 14 per cent against the dollar this year due to the slowdown in emerging economies, Reuters reports.
"US private-sector demand remains strong and European economies appear to be bottoming out. If advanced economies recover, Japanese exports can rise more," said Norinchukin Research Institute chief economist Takeshi Minami.
The volume of exports to the United States rose 5.3 per cent and were up eight per cent to the European Union in October year on year while Asia-bound shipments increased two per cent.
Car shipments soared by 31.3 per cent in October compared to the same month a year earlier, making the biggest contribution to the value of exports in the month.
WORLD SHIPPING
24 November 2013 - 22:34
Japan's exports rise 18.6pc in October, biggest jump in three years
JAPAN's exports rose 18.6 per cent in the year to October driven by a surge in car shipments, beating market expectations of 16.5 per cent and representing the biggest annual increase in three years
WORLD SHIPPING
24 November 2013 - 22:34
Japan's exports rise 18.6pc in October, biggest jump in three years
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