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Japan: Exports expand at fastest pace in eight months in October

November 20, 2014

In October, nominal yen exports rose 9.6% over the same month last year, which followed the 6.9% increase recorded in September. The rise more than doubled the 4.5% expansion that market analysts had expected and represented the fastest growth pace since February of this year. In contrast, imports decelerated to a 2.7% increase in annual terms in October. The print was below 6.2% expansion tallied in September and undershot the 3.4% expansion that market analysts had expected.

The trade balance registered a JPY 710 billion deficit (USD 6.0 billion deficit) in October, which marked an improvement over both the JPY 961 billion shortfall tallied in the previous month and the JPY 1.1 trillion deficit recorded in the same month last year. Moreover, the print marked the smallest deficit since June 2013. In the 12 months up to October, the trade deficit was JPY 13.8 trillion, which was down from the JPY 14.2 trillion shortfall that had been recorded in the previous month.


Author: Ricard Torné, Lead Economist

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Japan Trade Chart


Japan Trade12m October 2014

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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