— Add Details, Economist Comments From 5th Paragraph
— Japan Dec 1st 20-Day Exports -8.3% Y/Y Vs Nov -4.5%
— Japan Dec 1st 20-Day Imports +5.6% Y/Y Vs Nov +11.4%
— Japan Dec 1st 20-Day Trade Deficit Y496.53 Bln; Surplus Yr Ago
TOKYO (MNI) – Japan’s exports continued to slump in the first 20
days of December amid slowing global growth and the strong yen, data
released by the Ministry of Finance showed on Thursday, indicating the
2011 trade balance posted the first deficit in more than three decades.
Exports in the first 20 days of last month fell 8.3% on the year to
Y3.51 trillion after falling 4.5% in the whole of November.
Imports rose 5.6% y/y to Y4.01 trillion in the first 20 days of
December following a 11.4% rise in the previous month.
As a result, Japan’s trade balance for the first 20 days of
December posted a deficit of Y496.53 billion after making a deficit of
Y687.61 billion in the whole of November and a surplus of Y33.96 billion
in the first 20 days of December 2010.
In the first 20 days of December, semiconductors, visual equipment
(digital cameras) as well as iron and steel products pushed down exports
while liquefied natural gas, refined petroleum products and
communications equipment (mobile handsets) led the import rise,
according to the MOF.
The average price of imported crude oil for Dec. 1-20 was $113.7 a
barrel, up about 32% on year from $85.9 in December 2010. It rose 33%
y/y in the whole of November.
Taro Saito, senior economist at NLI Research, said the came in
weaker than expected, forecasting the December trade balance due out on
Jan. 25 will post a deficit of about Y76.5 billion.
He also projected the 2011 trade balance will show a deficit worth
Y2.4 trillion. Japan last marked a trade deficit totaling Y2.6 trillion
in 1980 in the aftermath of the second oil crisis that pushed up import
costs sharply.
tokyo@marketnews.com
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