Japan’s exports increase led by jump in demand in US, EU
The balance has been in the black non-stop since US President Donald Trump began his second term in January
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[TOKYO] Japan’s exports rose by the most since February as demand jumped in the US and EU, offsetting a drop in shipments to China.
Exports gained 6.1 per cent in November from a year earlier, led by semiconductor parts and medical goods, the Finance Ministry reported on Wednesday (Dec 17). Economists had forecast a 5 per cent increase. Shipments to the US rose 8.8 per cent, while they soared 19.6 per cent to the EU.
Japan’s trade surplus against the US was 739.8 billion yen (S$6.2 billion), increasing by 11.3 per cent from a year ago. The balance has been in the black non-stop since US President Donald Trump began his second term in January, meaning the trade imbalance has stayed in place despite the president’s efforts to close the gap with higher tariffs.
Still, the first rise in exports to the US in eight months bodes well for the Bank of Japan (BOJ), which is widely expected to raise the benchmark interest rate on Friday. Uncertainties over US tariffs have been a factor that’s kept the BOJ from conducting another rate hike since January.
Overall, Japan’s trade balance was in the black on an unadjusted basis, with a 322.3 billion yen surplus. Imports rose 1.3 per cent, compared with the consensus estimate of a 3 per cent increase.
Exports to China fell 2.4 per cent, led by chip-making machinery and non-ferrous metals, while imports rose 2.3 per cent.
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Trade with Beijing faces growing uncertainty after a diplomatic dispute erupted last month over Japanese Prime Minister Sanae Takaichi’s comments on a hypothetical Taiwan contingency. BLOOMBERG
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