Japan's exports surged nearly 12% in January in 2nd straight month of gains

Japan has reported its exports surged nearly 12% in January, helped by robust demand for vehicles, auto parts and machinery. Government data released Wednesday show the nation’s trade deficit shrank to 1.76 trillion yen, or $12 billion, or about half of what it was a year earlier. Imports fell 9.6%. Exports have remained a strong point for the economy even as Japan weathers another recession. Analysts had forecast that exports would rise about 10%. By region, exports to North America, the rest of Asia and the Middle East grew. Imports generally fell. The biggest declines were for imports of oil, natural gas and iron ore, partly due to declines in prices, but also weak demand.