Japan: Merchandise exports grow at a softer rate in December
December 16, 2021
Yen-denominated merchandise exports rose 17.5% over the same month last year in December, slowing from November’s 20.5% increase. November’s reading marked the tenth consecutive month of growth in exports. Meanwhile, merchandise imports increased 41.1% in annual terms in December, slowing slightly from November’s 43.8% rise.
As a result, the merchandise trade balance improved from the previous month, recording a JPY 0.6 trillion deficit in December (November 2021: JPY 1.0 trillion deficit; December 2020: JPY 0.7 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a JPY 1.5 trillion deficit in December, compared to the JPY 0.2 trillion deficit in November.
Author: Stephen Vogado, Economist