Japan Trade December 2019


Japan: Exports drop for 13th month running in December

January 23, 2020

Yen-denominated merchandise exports fell 6.3% in December in year-on-year terms, after decreasing 7.9% in November and marking the 13th consecutive decline. The reading was worse than the 5.2% drop in exports market analysts had expected and reflected sharp declines in exports to the U.S. and Korea. Imports fell 4.9% in December, after dropping 15.7% in November.

The merchandise trade balance deteriorated to a deficit of JPY 0.2 trillion in December, down from the JPY 0.1 trillion deficit logged in the same month a year earlier. Meanwhile, the 12-month trailing trade deficit widened to JPY 1.6 trillion in December from JPY 1.5 trillion in November.

Our panelists forecast that, in 2020, exports will increase 2.1% and imports will rise 2.4%, bringing the trade balance to a deficit of USD 2.1 billion. In 2021, our panelists expect exports to expand 4.7% and imports to rise 4.3%, prompting the trade balance to log a surplus of USD 1.1 billion.

Author:, Economist

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Japan Trade Chart

Japan Trade12m December 2019

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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