In non-seasonally adjusted terms, Japan’s exports dropped -7.9% yoy to JPY 6.38T in November. Even though that’s a smaller than expected decline, it still marked the 12-month straight month of contraction. Exports were dragged down by cars and construction equipment to the US, as well as shipment of chemical production to China. Imports dropped -15.7% yoy to JPY 6.46T. Trade surplus dropped sharply by -88.9% yoy to JPY 0.082T.
In seasonally adjusted terms, exports dropped -0.3% mom to JPY 6.28T. Imports dropped -0.1% mom to JPY 6.35T. Trade deficit came in at JPY -0.06T.
