Shipping container loads dock at Tokyo Bay.
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Japan’s exports in October massively beat expectations, government data on Friday showed, as shipments to Europe and Asia saw robust growth.
Exports grew 3.6% year on year compared with expectations of a 1.1% growth by economists polled by Reuters.
However, growth was lower than the 4.2% gain seen in September.
Exports to Asia climbed 4.2% and shipments to Western Europe surged 8.8% year on year, helping offset the 2.7% decline to North America as goods shipped to the U.S. fell 3.1%.
The data comes at a time when Japan is locked in a diplomatic spat with its largest trading partner, China, over Prime Minister Sanae Takaichi’s comments related to Taiwan.
The impact on trade from this spat could show up in next month’s data. The Asia Group also said in a Nov. 19 note that mainland China had suspended imports of seafood from Japan.
Imports to the world’s fourth largest economy unexpectedly rose 0.7%, defying expectations of a 0.7% fall from the Reuters poll.
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