Japan’s exports increased less than expected in January and the nation swung to a trade deficit, as a Lunar New Year holiday in the nation’s largest Asian markets disrupted demand.
The Finance Ministry said in Tokyo said that Overseas shipments rosed 1.4 percent in January from a year earlier, from December’s 12.9 percent gain。The median estimate of 23 economists surveyed by Bloomberg News was for a 7.4 percent increase.
Asian nations, including China and South Korea that observe the holiday break, buy about 60 percent of Japan’s exports.
Japanese companies are tapping demand in China and other emerging nations. Kobe Steel Ltd., Japan’s fourth-largest steelmaker, said this month that third-quarter profit more than doubled on rising Asian demand. Suzuki Motor Corp., the Japanese automaker 20 percent owned by Volkswagen AG, said this month that third-quarter net income quadrupled amid growing sales in Asia.
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