Aug exports 5.6 yryr vs forecast 10; Imports up 2.3 yryr
U.S.bound exports post first monthly drop in nearly 3 years
Machinery orders shrink in July; govt keeps sombre assessment
Weak dataset points to tough road to solid economic recovery
TOKYO, Sept 18 Reuters Japan39;s export growth slowed sharply in August as shipments to the U.S. dropped for the first time in three years, while machinery orders unexpectedly shrank in July in a worrying sign for an economy struggling to mount a solid recovery.
The frail external demand undermines Japan39;s quest to drive sustainable economic growth, analysts say, especially given a growing risk of a slowdown in the U.S. and further weakness in China39;s economy, two major trading partners.
Japan39;s exports are bound to struggle as the global economy is failing to pick up momentum, with growth in both the U.S. and China economies seen slowing down next year, said Takeshi Minami, chief economist at Norinchukin Research Institute.
He said a boost from the weak yen to exports has faded as the Japanese currency rebounded sharply in August.
Total exports rose 5.6 yearonyear in August, up for a ninth straight month, data showed on Wednesday, well below a median market forecast for a 10 increase and following a 10.3 rise in July.
Exports to the United States dipped 0.7, the first monthly decline in nearly three years, as auto sales slumped 14.2.
Those to China, Japan39;s biggest trading partner, rose 5.2 in August from a year…