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Japan: Exports in November fall at fastest pace in nearly three years

December 17, 2015

In November, nominal exports valued in yen declined 3.3% over the same month last year, which followed the 2.2% decrease recorded in October. The fall exceeded the 1.6% drop that market analysts had expected and represented the sharpest contraction since December 2012.

Imports contracted 11.2% annually in November, which followed the 13.4% drop tallied in October. The print was below the 7.3% decrease that market analysts had expected.

As a result, the trade balance recorded a JPY 380 billion deficit (USD 3.1 billion) in November. The reading was better than both the JPY 899 billion shortfall tallied in the same month last year and the JPY 450 billion deficit that economists had expected. In the 12 months up to November, the trade deficit was JPY 3.6 trillion, which was down from the JPY 4.2 trillion shortfall that was recorded in the previous month and represented the smallest deficit since January 2012.


Author: Ricard Torné, Head of Economic Research

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Japan Trade12m November 2015

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 Met the why particular calculations.


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