Japan's industrial output slipped in March from February but was still up from a year-earlier level, the Ministry of Economy, Trade and Industry (METI) reported Tuesday.
Japan's industrial output fell a seasonally adjusted 0.5% in March from February, but gained 2.4% on year on year, said METI.
In March, industrial shipments in Japan declined 0.9% on month, but rose 2.2% on year.
Industrial inventories in March fell 1.8% in March from February, and also fell 5.3% on year, according to officials.
Japan's industrial production capacity was unchanged in March from February, but declined 1.2% on year.
Japan's industrial operating ratio, also called a capacity utilization rate, slipped 1.2% on month in March but was up 4.2% on year, added METI.
Of interest, given the closure of the Strait of Hormuz in early March to oil-tanker traffic, is Japan's production of petroleum and coal products, which fell 7.7% in March from February, and declined 1.3% on year, reported METI.
Similarly, chemical production, which relies heavily on petroleum inputs, fell 1.2% in March from February, and was flat on year, according to METI.
Japan relies on the Middle East for 95% of its crude oil, much of which transits through the Strait of Hormuz.
Somewhat in contrast, Japan's motor vehicle production was flat on month in March, but up 7% on year.
The METI March industrial production release was more subdued than a recent manufacturing-sector report from S&P Global.
The headline Japan manufacturing purchasing managers index (PMI) rose to 55.1 in April from 51.6 in March "to signal a stronger improvement in the health of the sector," reported S&P Global in early May. Reading above 50 indicate an expanding sector, while below points to contraction.
Separately, Japan's index of tertiary industry activity, a gauge of the nation's services sector, fell a seasonally adjusted 0.2% in March from February, but was up 2.6% on year, reported METI on Tuesday.
