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JAPAN DATA: Exports Up But In Line With Regional Trends, Trade Deficit Improves

JAPAN DATA
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Japan Nov trade figures were better than forecast. Export growth rose 3.8%y/y, versus 2.5% forecast and 3.1% prior. Imports fell though -3.8%y/y, against a 0.8% forecast and 0.4% prior. The trade deficit was narrower as a result at -¥117.6bn, versus -¥687.9bn forecast. Still, in seasonally adjusted terms the deficit was -¥384.2bn, only slightly better than the -¥432.8bn market expectation. 

  • Japan's export growth outcome of 3.8%y/y is in line with other north east Asia economies, with export growth mostly off the boil compared to earlier in 2024.
  • By country/region, exports were up 4.1%y/y to China but down -12.5%y/y to the EU and -8.0%y/y to the US. In volumes terms, we were still down to China though, -6.4%y/y. The only region that recorded positive y/y growth was Asia. Aggregate export volumes were -0.1%y/y for Nov. Import volumes were negative in y/y terms, but showed better trends in nominal/seasonally adjusted terms.
  • The unadjusted trade deficit was the best result since mid year, but in seasonally adjusted terms is down from recent highs. 

 

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Japan Nov trade figures were better than forecast. Export growth rose 3.8%y/y, versus 2.5% forecast and 3.1% prior. Imports fell though -3.8%y/y, against a 0.8% forecast and 0.4% prior. The trade deficit was narrower as a result at -¥117.6bn, versus -¥687.9bn forecast. Still, in seasonally adjusted terms the deficit was -¥384.2bn, only slightly better than the -¥432.8bn market expectation. 

  • Japan's export growth outcome of 3.8%y/y is in line with other north east Asia economies, with export growth mostly off the boil compared to earlier in 2024.
  • By country/region, exports were up 4.1%y/y to China but down -12.5%y/y to the EU and -8.0%y/y to the US. In volumes terms, we were still down to China though, -6.4%y/y. The only region that recorded positive y/y growth was Asia. Aggregate export volumes were -0.1%y/y for Nov. Import volumes were negative in y/y terms, but showed better trends in nominal/seasonally adjusted terms.
  • The unadjusted trade deficit was the best result since mid year, but in seasonally adjusted terms is down from recent highs.