Japan’s Trade Deficit in November amounts to -954,800 M ¥ vs -600,300 M ¥ expected vs -68,500 M ¥ previously. Exports increased + 20.5% vs. + 21% expected and + 9.4% previously, while Imports grew + 43.8% vs. + 40% expected and + 26.7% previously.
In the opinion of the analysis team, exports are accelerating in line with the economic reactivation and have reached their highest levels since November 1979, but imports are at record levels due to the rise in the prices of raw materials, especially energy. Exports are expected to increase strongly again in December driven by strong demand from the US, contributing positively to economic growth. A foreseeable depreciation of the Yen against the dollar will support the Trade Balance in the medium term.
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