In November, exports contracted 4.5% over the same month last year (October: -3.8% year-on-year), which was roughly in line with market expectations of a 4.3% decline. Meanwhile, imports grew 11.4% (October: +17.9% yoy), coming in above the 8.3% rise anticipated by the market. As a result, the trade deficit continued to widen from the JPY 280 billion (USD 3.6 billion) recorded in October to the JPY 685 billion (USD 8.8 billion) registered in November. The monthly drop was broad-based, as most of the major categories recorded losses. Chemical products, which account for around a tenth of total shipments, contracted 12.5% over the same month last year. Moreover, electrical machinery, which accounts for around a fifth of total shipments, contracted 10.7%, whereas transport equipment, which accounts for around a quarter of total exports, rose 3.9%. On the other hand, mineral fuel purchases, which account for around a third of total imports, expanded 28.1% in November. Fuel imports continue to soar, as Japan attempts to compensate shortfalls in the nuclear power industry with increased output in fuel-based power plants. Moreover, Japanese trade with Thailand plummeted in November due to the flooding, which brought the Thai economy to a standstill. A monthly analysis corroborates the contraction seen in the annual figures, with exports declining a seasonally adjusted 2.6% over the previous month in November, which was, nevertheless, above the 4.0% drop seen in October.
Japan Trade Balance
Trade deficit widens as exports dip in November
December 21, 2011
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Japan Economic News
October 24, 2016
The Nikkei Flash Manufacturing Purchasing Managers’ Index (PMI) rose from September’s revised 50.4 (previously reported: 50.3) to 51.7 in October.
October 24, 2016
In September, nominal exports valued in yen declined 6.9% from the same month last year, which followed August’s 9.6% decline.
October 12, 2016
Core machinery orders (a leading indicator of capital spending over a three- to six-month period) declined for the first time in three months in August.
October 4, 2016
Consumer sentiment rose from August’s 42.0 to 43.0 in September.
October 3, 2016
According to the Bank of Japan’s quarterly TANKAN business survey, sentiment among large manufacturers was stable at 6 in Q3.