Japan Trade November 2016

Japan

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.


Author: Ricard Torné, Lead Economist

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Japan Trade Chart


Japan Trade12m November 2016

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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