TOKYO (MNI) – Japan’s trade surplus for the first 20 days of
November stood at Y43.45 billion, reversing from a deficit of Y36.55
billion a year earlier, pointing to a sharp recovery in surplus for the
whole of November after a small rise in October, data released by the
Ministry of Finance on Wednesday showed.
In the whole of November 2009, exports posted a 6.3% fall, the last
of the 13-month streak of year-on-year declines in Japanese exports in
the aftermath of the global recession caused by the collapse of Lehman
Brothers in September 2008.
In the Nov. 1-20 period this year, exports rose 10.8%% y/y to
Y3.657 trillion while imports gained 8.3% to Y3.614 trillion.
The rate of increase in exports accelerated from a revised 7.8% in
the whole of October, while import growth showed no major change from a
revised 8.8% gain in the month.
If exports and imports continued to grow at the same pace through
the end of November, they would each total Y5.527 trillion and Y5.007
trillion, which means the whole-month surplus would come to around Y520
billion, up 42.5% y/y, sharply accelerating from a revised 2.6% rise in
October.
In the first 20 days of November, iron and steel products, metal
processing machinery as well as power generating machinery pushed up
exports while iron ore, audio visual equipment and refined oil products
raised imports, according to the MOF.
Taro Saito, senior economist at NLI Research, said, “Exports are
basically leveling off, so we cannot yet confirm that they are
recovering.”
skodama@marketnews.com
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