Japan's October trade surplus shrank 40.7 percent from a year earlier as growth in exports were eclipsed by higher costs of importing crude oil and petroleum products, the government said Monday.

The world's third-largest economy logged a surplus of 285.4 billion yen ($2.5 billion), down from a 481.2-billion-yen surplus a year earlier, according to data from the finance ministry.

The latest figure was modestly lower than market expectations of a 330-billion-yen surplus, but still the fifth consecutive month of booking a black figure.

Exports rose for the 11th consecutive month on robust shipments of automobile and electronic parts including organic chemicals and semi-conductors.