Japan: Exports record softest drop in over one year in November
December 19, 2016
In November, nominal Japanese exports valued in yen fell 0.4% from the same month last year, which followed October’s 10.3% decline. The decrease was softer than the 2.3% drop that market analysts had expected and represented the weakest contraction since September 2015. The weakening of the yen since Donald Trump was elected in the November U.S. presidential election is boosting the outlook for the all-important external sector.
Imports contracted 8.8% annually in November, which was above October’s 16.5% drop. The decline was better than the 12.0% drop that the markets had expected and represented the softest contraction since August 2015.
As a result, the trade balance recorded a JPY 153 billion surplus (USD 1.3 billion) in November. The reading contrasted the JPY 387 billion deficit registered in the same month of the previous year. In the 12 months up to November, the trade surplus rose to JPY 3.6 trillion, which was up from the JPY 3.0 trillion recorded in the previous month and represented the highest reading since April 2011.