Exports from Japan picked up more than expected in October as demand from China and the rest of Asia held firm even in the face of mounting uncertainties in overseas markets.
Exports rose 3.1% from a year ago, led by strong growth in shipments of chip-making equipment, especially sales to China, the Finance Ministry reported Wednesday. The return to growth followed the first fall in exports in 10 months in September. The October result outpaced economists’ consensus estimate of a 1% gain, and was also supported by shipments of medical goods to the United States.
Imports climbed 0.4%, compared to the 1.9% decline forecast by economists. The trade deficit widened to ¥461.2 billion ($2.98 billion) from ¥294.1 billion.