Japan’s exports fell in August as U.S. shipments contracted, dashing hopes that external demand can prop up an economy dragged down by weak consumer spending.
Exports declined 1.3 percent in August from the year-ago period, following July’s 3.9 percent rise, but it was better than a Reuters poll forecasting a 2.6 percent drop.
Imports fell an annual 1.5 percent, versus an expected decline of 1.2 percent and after rising 2.3 percent in July. This brought the country’s trade deficit to 948.5 billion yen ($8.7 billion) compared with the 964 billion yen deficit in July. Analysts expected a 1.028 trillion yen deficit.