TOKYO - Japan’s exports grew for a third straight month in February as demand improved in the United States, China and the European Union, offering some hope for policymakers seeking to revive growth after a weak performance in 2023.

Exports rose 7.8 per cent in February from the same month a year ago, Ministry of Finance data showed on March 21, faster than the 5.3 per cent gain expected by economists in a Reuters poll.

The trade data comes days after the central bank ditched years of unconventional easing in a shift towards normalising policy.

The Bank of Japan ended eight years of negative interest rates and other remnants of its unorthodox policy on March 19, making a historic shift away from decades of massive monetary stimulus.

But it is expected to keep rates around zero for some time to support fragile growth.

Exports have been a source of concern for policymakers who worry about the fragile recovery in the world’s fourth-largest economy, which narrowly dodged recession in late 2023. Imports rose 0.5 per cent year on year in February, versus the median estimate for a 2.2 per cent increase.

The trade balance came to a deficit of 379.4 billion yen ($3.36 billion), versus a median estimate for a deficit of 810.2 billion yen.

A Reuters monthly poll showed earlier on March 21 that big Japanese firms’ confidence rebounded to a three-month high in March while the service sector mood hit a seven-month high. REUTERS