11-17-2021, 09:08 AM
Japan's exports growth hits 8-month low as auto trade slides
![[Image: 2021-11-17t023028z_1_lynxmpehag03x_rtrop...k=b1wxiGgM]](https://onecms-res.cloudinary.com/image/upload/s--vfjLhPs8--/c_fill%2Cg_auto%2Ch_468%2Cw_830/fl_relative%2Cg_south_east%2Cl_one-cms:core:watermark:reuters%2Cw_0.1/f_auto%2Cq_auto/v1/one-cms/core/2021-11-17t023028z_1_lynxmpehag03x_rtroptp_3_japan-companies.jpg?itok=b1wxiGgM)
Japan's exports snapped seven months of double-digit growth in October due to slowing car shipments, as global supply constraints hit the country's major manufacturers.
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The slowing growth shows Japan's vulnerability to supply chain bottlenecks that have been particularly disruptive for the car industry and have clouded the outlook for trade.
Exports rose 9.4per cent year-on-year in October, Ministry of Finance data showed on Wednesday, slightly below a median market forecast for a 9.9per cent increase in a Reuters poll. It followed 13.0per cent growth in the prior month and was the weakest expansion since a decline in February. Car shipments fell 36.7per cent.
"While carmakers are planning 'revenge production' in November and December, clouds still loom - semiconductor shortages will last until year-end at least, and no one knows if carmakers' plans to avert the impact of chip shortages by adjusting their supply chains would succeed," said Ryosuke Katagi, market economist at Mizuho Securities.
"Dragged down by staple cars, sluggish export growth will last for the rest of 2021."
By region, exports to China, Japan's largest trading partner, increased 9.5per cent in the 12 months to October, slowing from 10.3per cent in the previous month as car shipments to the country fell 46.8per cent.
U.S.-bound shipments, another key market for Japanese goods, grew just 0.4per cent in October, also weighed by declining car exports, which fell 46.4per cent.
Japan's exports snapped seven months of double-digit growth in October due to slowing car shipments, as global supply constraints hit the country's major manufacturers.
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The slowing growth shows Japan's vulnerability to supply chain bottlenecks that have been particularly disruptive for the car industry and have clouded the outlook for trade.
Exports rose 9.4per cent year-on-year in October, Ministry of Finance data showed on Wednesday, slightly below a median market forecast for a 9.9per cent increase in a Reuters poll. It followed 13.0per cent growth in the prior month and was the weakest expansion since a decline in February. Car shipments fell 36.7per cent.
"While carmakers are planning 'revenge production' in November and December, clouds still loom - semiconductor shortages will last until year-end at least, and no one knows if carmakers' plans to avert the impact of chip shortages by adjusting their supply chains would succeed," said Ryosuke Katagi, market economist at Mizuho Securities.
"Dragged down by staple cars, sluggish export growth will last for the rest of 2021."
By region, exports to China, Japan's largest trading partner, increased 9.5per cent in the 12 months to October, slowing from 10.3per cent in the previous month as car shipments to the country fell 46.8per cent.
U.S.-bound shipments, another key market for Japanese goods, grew just 0.4per cent in October, also weighed by declining car exports, which fell 46.4per cent.
