Japan’s exports increased in January for the 11th consecutive month, driven by robust overseas demand for steel and mineral fuels, Ministry of Finance data showed Thursday.
Exports rose 9.6% from a year earlier in January. That compared with December’s 17.5% increase and was weaker than the 16.5% increase expected by economists surveyed by data provider FactSet.
Exports to Europe and the U.S. led the growth, increasing by 16.1% and 11.5% respectively, mainly due to the strong demand for steel and semiconductor manufacturing equipment.
Japan posted the first decline in exports to China in 19 months, with a drop of 5.4%.