Japan Unexpectedly Records Trade Surplus in November


Japan posted a JPY 113.4 billion trade surplus in November of 2017, following a JPY 146.5 billion surplus a year earlier and beating market expectations of a JPY 55 billion deficit. Exports jumped 16.2 percent year-on-year with sales to China hitting a record high. Meanwhile, imports grew 17.2 percent, reaching the highest since July of 2015.

Exports grew 16.2 percent year-on-year to JPY 6920.4 billion in November of 2017, above market expectations of a 14.6 percent rise. Sales of machinery went up 22.9 percent, namely semicon (54.7 percent); construction (38.8 percent); electrical (16.2 percent) like semiconductors (14.2 percent). Also, sizable growth was reported for manufactured goods (19.6 percent) such as iron and steel products (27.9 percent); chemicals (20 percent); transport equipment (7.1 percent) like motor vehicles (7.7 percent); mineral fuels (50.7 percent); raw materials (25.1 percent) and foodstuff (15.2 percent). Exports rose to all main partners: China (25.1 percent), hitting a record high of JPY 1379.7 billion; the US (13 percent); the EU (13.3 percent) and South Korea (20.5 percent). 
 
Shipments rose for all main partners: China (25.1 percent), hitting a record high of JPY 1379.7 billion; the US (13 percent); the EU (13.3 percent) and South Korea (20.5 percent).
 
Imports went up 17.2 percent to JPY 6807 billion, below expectations of an 18 percent rise. Main upward pressure came from purchases of electrical machinery (27.5 percent); mineral fuels (21.9 percent); manufactured goods (22.1 percent); machinery (16.5 percent); raw materials (23.9 percent) and fish (12.2 percent).
 
Purchases rose from China (21.6 percent); the US (12.3 percent); the EU (6.8 percent) and the Middle East (23 percent). 

Japan Unexpectedly Records Trade Surplus in November


Ministry of Finance, Japan | Joana Taborda | joana.taborda@tradingeconomics.com
12/18/2017 11:57:43 AM