Japan Trade Balance December 2021


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.

Our panelists forecast that exports will increase 4.3% in 2022 and imports will increase 4.7%, bringing the trade balance to a surplus of USD 43.7 billion. In 2023, our panelists expect exports to expand 2.7% and imports to expand 2.0%, pushing the trade surplus to USD 50.0 billion.

Author:, Economist

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Japan Trade Balance Chart

Japan Trade12m December 2021

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Ministry of Finance and FocusEconomics calculations.

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