Japanese exports increased 9.1% in November from a year earlier to 5,441.1 billion yen, showing signs of moderate recovery after a recent slowdown, government data showed Wednesday.
Overall exports rose for the 12th straight month while the rate of increase expanded for the first time in nine months following the 7.8% rise in October, the Finance Ministry said in a preliminary report. On a monthly basis, exports grew a seasonally adjusted 1.7% from October for the third consecutive monthly gain.
Analysts said some signs have emerged that Japanese exports are about to exit the worst period in the recent slowdown, given the prospects of recovery in Asian and U.S. economies.
Japan’s trade surplus, however, shrank 55.4% from a year earlier to 162.8 billion yen, the first decline in three months, as imports were up 14.2% to 5,278.3 billion yen for the 11th straight monthly growth, partly due to hikes in crude oil and other commodity prices.
The year-on-year figures were measured on a customs-cleared basis before adjustments for seasonal factors.
Exports to China and other Asian economies expanded 13% to 3,045.9 billion yen for the 13th consecutive monthly gain, as shipments of steel products and metal processing devices increased. The pace of increase rose for the first time in 10 months, suggesting an end is in sight to production falls in some emerging market economies.
Imports from the region rose 17.6% to 2,437.9 billion yen.
In trading with China alone, Japanese exports rose 18.3% to 1,090.7 billion yen while imports were up 19.3% to 1,244.7 billion yen.
Exports to the European Union advanced 10.1% to 656.7 billion yen, the first increase in two months, on robust shipments of vehicles, auto parts and mineral fuels. Imports from the 27-nation bloc dropped 2% to 481.3 billion yen.
Exports to the United States rose 1.2% to 869.7 billion yen for the 11th consecutive monthly hike. The rate was the slowest in 11 months as the yen’s strength reduced the value of exports denominated in the U.S. dollar. Imports were up 12.1% to 511.1 billion yen, the first rise in two months.
Kyohei Morita, chief economist at Barclays Capital Japan Ltd, said Japanese exports are set to return to a steady recovery trend.
‘‘As it becomes unlikely the U.S. and Asian economies, including China, would suffer a double dip (recession), we are not expecting a further slowdown in Japanese exports,’’ said Morita, who projected acceleration in exports could come in the April-June period along with recovery in high-tech production in such economies as Taiwan and South Korea.
Source: JapanToday