Japan’s exports gained at the slowest pace in eight months in October as car shipments continued to slump, adding to signs that global supply constraints are still weighing on the economy after it contracted by more than expected last quarter.
The value of Japan’s overseas shipments increased 9.4% from a year earlier to ¥7.18 trillion ($62.5 billion), according to the Finance Ministry on Wednesday. Economists had expected a gain of 10.3%.
While exports of steel and semiconductor manufacturing equipment continued to show sharp gains, exports of cars plunged by more than a third as major automakers scaled back production due to parts shortages.
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