Market Updates
Japan's Trade Deficit Plunged After Energy Imports Dropped
Arjun Pandit
20 Dec, 2023
Mumbai
Japan's trade deficit plunged 62% to 0.77 trillion yen in November from 2.06 trillion yen a year ago, the Ministry of Finance reported in its preliminary report on Wednesday.
Merchandise exports fell 0.2% to 8.8 trillion yen, driven by weak exports to China.
Merchandise imports plunged 11.9% to 9.6 trillion yen, extending the decline to the eighth month in a row on lower energy prices.
Exports to the U.S. rose 5.3% to 1.8 trillion yen, imports declined 3.5% to 1.0 trillion yen, resulting in a trade surplus increase of 19% to 804.3 billion yen.
Exports to mainland China declined 2.2% to 1.6 trillion yen, imports fell 3.2% to 2.2 billion yen, driving the trade deficit down by 5.5% to 654.0 billion yen.
Exports to the European Union were flat at 854 billion yen, imports from the region decreased 6.6% to 1.0 trillion yen, driving the trade deficit with the region by 32.8% to 145.1 billion.
Exports to India increased 3.8% from a year ago to 178 billion yen, and imports fell 4.5% to 62.5 billion yen, driving the trade surplus higher by 8.9% to 115.5 billion yen.
In November, Japan recorded its largest trade deficit with mainland China of 654 billion yen and its largest trade surplus with the U.S. of 804 billion yen.
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