Japan Trade November 2017


Japan: Healthy global demand propels exports in November

December 18, 2017

Nominal exports valued in yen increased 16.2% from the same month last year in November, following October’s 14.0% rise. The print overshot a milder acceleration to a 14.7% increase that market analysts had expected. Robust overseas demand, in particular for cars and manufacturing equipment, is supporting this year’s stellar export performance.

Growth in imports decelerated from 18.9% in October to 17.2% in November. The print came in below the 18.0% rise that markets had expected.

The trade surplus went down from JPY 146 billion in November 2016 to JPY 113 billion in November 2017. Accordingly, in the 12 months leading up to November, the trade surplus fell to JPY 3.27 trillion, which was lower than the JPY 3.31 trillion surplus recorded in the previous month.

Author: Ricard Torné, Lead Economist

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Japan Trade Chart

Japan Trade12m November 2017 1

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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