MNI BRIEF: Japan Nov Exports Post Second Straight Rise
MNI (TOKYO) - Japan’s exports posted their second straight rise in November, up 3.8% vs. 3.1% in October, thanks to the 32.1% increase of semiconductor manufacturing equipment orders, down from 42.6%, and despite declining automobile shipments, which dropped 5.2% from the prior month's 0.9% decrease, data released by the Ministry of Finance showed on Wednesday.
The data was largely within the Bank of Japan’s latest assessment that exports have been more or less flat. Imports fell 3.8% y/y in November for the first drop in eight months following +0.4% in October.
Japan posted a trade deficit of JPY117.6 billion in November, its fifth straight deficit following October's JPY462.1 billion.
Exports to China, Japan's largest trading partner, rose 4.1% in November for the second straight rise following +1.5% in October, while shipments to the U.S. fell 8.0% in November for the fourth straight drop following -6.2% in October as exports of automobiles fell 15.4% vs. -10.1% in October.
Bank officials will focus on whether the real U.S. export index rebounds from -13.7% in October amid the weak Chinese and eurozone economies.