Japan Trade


Japan: Trade data disappoint in November

December 17, 2014

In November, nominal yen exports rose 4.9% over the same month last year, which represented a deceleration over the 9.6% increase recorded in October. The rise undershot the 7.0% expansion that market analysts had expected and represented the weakest growth pace in three months. Conversely, imports in November contracted 1.7% in annual terms, which contrasted the 3.1% expansion tallied in October. The print also contrasted the 1.6% expansion that market analysts had expected and represented a six-month low. The contraction seen in imports mostly reflected the recent fall in fuel prices.

The trade balance registered a JPY 892 billion deficit (USD 7.6 billion deficit) in November, which exceeded the JPY 737 billion shortfall tallied in the previous month, but marked an improvement over the JPY 1.3 trillion deficit recorded in the same month last year. In the 12 months up to November, the trade deficit was JPY 13.4 trillion, which was down from the JPY 13.8 trillion shortfall that had been recorded in the previous month.

Author: Ricard Torné, Head of Economic Research

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Japan Trade Chart

Japan Trade12m November 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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