Exports to the US dipped 3.1 per cent, marking the seventh straight month of on-year declines, Finance Ministry data showed.
Worries remain about the possible negative impact from US tariffs. President Donald Trump announced a trade framework with Japan in July, placing a 15 per cent tax on goods imported from that nation.
That’s lower than the 25 per cent rate Trump initially said would kick in starting in August. Previously, tariffs on most goods stood at 2.5 per cent.
Soybean imports from around the world surged 37.3 per cent from a year ago, while those in iron and steel products dipped 17.1 per cent.
Imports from the US jumped 20.9 per cent in October from the previous year, especially food imports, such as cereal, as well as petroleum.Exports to the US dropped in computer parts and other machinery, as well as buses and trucks.But Japan’s exports grew to Asia, including China, where they rose 2.1 per cent last month from a year ago. Exports to Hong Kong surged 19.2 per cent, while those to Taiwan were up 17.7 per cent.
As a result, Japan narrowed its overall trade deficit to 231.77 billion Yen (USD 1.5 billion) in October, down from 499.95 billion Yen (USD 3.2 billion) a year earlier.
New worries have emerged recently over trade with China after Prime Minister Sanae Takaichi, the nation’s first female leader, made comments about Taiwan that have angered China, prompting Beijing to issue a notification advising against travel to Japan.
Analysts say Japan may increasingly try to export to other Asian nations, instead of relying heavily on exports to the US to keep economic growth going.
