Japan October Trade Surplus Narrows 41% YoY



Japan's trade surplus narrowed 40.7 percent to JPY 285.4 billion in October 2017 from JPY 481.26 billion in the same month a year earlier and below market consensus of a JPY 330 billion surplus. Exports rose 14 percent from a year earlier to JPY 6,693.1 billion while imports increased at a faster 18.9 percent to JPY 6,407.7 billion.

Exports from Japan rose 14 percent from the previous year to JPY 6,693.1 billion in October, easing from a 14.1 percent gain in the previous month and missing market expectations of 15.8 percent. It was the 11th consecutive increase in exports, mainly boosted by a surge in exports of cars (6 percent), parts of motor vehicles (6.5 percent), and chemical products (23.4 percent). Also, sales of machinery went up 17.8 percent, boosted by power generating machine (10.5 percent) and semicon machinery (29.5 percent). Sales of manufactured goods increased by 15.2 percent, led by iron and steel products (15.6 percent). In addition, exports of electrical machinery rose 11.4 percent, mainly driven by semiconductors (9.1 percent) and IC (10.5 percent). Exports of others rose 16.5 percent, driven by scientific, optical instruments (16.1 percent).
 
Among major trading partners, exports rose to China (26 percent); the US (7.1 percent); the EU (15.8 percent), of which Germany (10.2 percent); the ASEAN (19.5 percent), South Korea (18.3 percent), and Taiwan (4.8 percent).
 
Imports to Japan rose at a faster 18.9 percent to JPY 6,407.7 billion, accelerating from a 12 percent expansion in the previous month and missing expectations of 20.2 percent. Imports grew for mineral fuels (37.5 percent), of which petroleum (43 percent), LNG (15.5 percent) and coal (36.6 percent); electrical machinery (15 percent), of which semiconductors (23 percent) and IC (33.3 percent); foodstuff (21.1 percent); raw materials (17. 5 percent); chemicals (9.5 percent); manufactured goods (17.1 percent), of which nonferrous metals (28.4 percent); machinery (10.3 percent); transport equipment (1.9 percent); and others (21.1 percent).
 
Among major trading partners, imports rose from China (14.3 percent); the US (3.1 percent); the ASEAN (21.8 percent); Taiwan (22.7 percent); South Korea (12.2 percent); the EU (18.1 percent), of which Germany (19.8 percent) and Australia (12.6 percent).
 

Japan October Trade Surplus Narrows 41% YoY


Ministry of Finance, Japan | Chusnul Ch Manan | chusnul@tradingeconomics.com
11/20/2017 11:26:08 AM