Japan: Exports contract at a sharper pace in November
Yen-denominated merchandise exports ticked down 4.2% in annual terms in November, following October’s 0.2% drop, marking the first slowdown since May. Meanwhile, imports slid 11.1% in annual terms in November (October: -13.3% yoy), marking the best result since April 2020.
As a result, the merchandise trade surplus fell slightly to JPY 0.4 trillion from JPY 0.9 trillion in October (November 2019: JPY 0.1 trillion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 0.2 trillion deficit in November, compared to the USD 0.7 trillion deficit in October.