Japan: Exports grow at a milder rate in October
November 17, 2021
Yen-denominated merchandise exports rose 9.4% year-on-year in October, slowing from September’s 13.0% growth. While October’s reading marked the weakest expansion since February, it was still the eighth consecutive month of growth in exports. Meanwhile, imports climbed 26.7% on an annual basis in October, slowing from September’s 38.6% increase and thus marking the lowest result since April 2021.
As a result, the merchandise trade balance improved from the previous month, recording a flat reading in October (September 2021: JPY 0.6 trillion deficit; October 2020: JPY 0.8 trillion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a JPY 1.2 trillion surplus in October, compared to the JPY 2.1 trillion surplus in September.
Author: Stephen Vogado, Economist