More good news from Asia, with Japan’s October exports falling by less than forecast as it continued to be dragged upwards by China.
Figures from the Finance Ministry said exports fell 23.2% in October, compared with the same month in 2008, much better than the 30.6% decline in September.
Emphasising the impact of the recovery elsewhere in Asia, especially China, exports there fell at a much slower rate than the overall fall.
The figures show that the value of exports to Asia fell just 15% year-on-year, compared with a 28.4% drop to North America and 26.9% to Western Europe.
Shipments to China, Japan’s biggest trading partner, fell 14.3%.
Imports slid 35.6% (36.9% in September), resulting in a trade surplus of 807.1 billion yen ($US9.1 billion), the ministry said.
And importantly, the value of exports (seasonally adjusted) rose 2.5% from the month before, another good sign.
And despite the better third quarter growth figures, Malaysia’s central bank has left interest rates unchanged for another month.
Bank Negara Malaysia maintained its overnight policy rate steady on 2% for a sixth straight meeting.
“The latest indicators have continued to signal further improvements in the international economic and financial conditions,” Malaysia’s central bank said.
“While these positive developments are expected to continue going into 2010, the recovery is likely to be gradual and uneven, with the outlook remaining uncertain once the effects of the policy support begin to diminish.”
So far only Australia has lifted interest rates in the region, though India has signalled that it could soon start tightening monetary policy.
