— Japan Nov Trade Deficit Y684.7 Bln: MNI Median Fcast -Y442.4 Bln
— Japan Nov Exports -4.5% Y/Y, 2nd Drop In Row; MNI Fcast -4.4%
— Japan Nov Imports +11.4% Y/Y, 23rd Rise: MNI Median Fcast +7.2%
— Japan Nov Exports To Asia -8.0% Y/Y, 2nd Fall in Row
— Japan Nov Exports To China -7.9% Y/Y, 2nd Fall in Row
— Japan Nov Exports To US +2.0% Y/Y, 21st Rise in 2 Months
— Japan Nov Exports To EU -4.6% Y/Y, 2nd Fall in Row
— Japan Nov Exports To Thailand -24.0% Y/Y Vs Oct -5.1%
— Japan Nov Imports From Thailand -11.9% Y/Y Vs Oct +8.7%

TOKYO (MNI) – Japan posted a larger-than-expected trade deficit in
November as exports slumped for a second straight month, hit by slowing
global growth and the strong yen, data from the Ministry of Finance
showed on Wednesday.

Japan’s trade deficit, the sixth this year, winded to Y684.7
billion in November from Y280.2 billion in October, reversing a surplus
of Y157.62 billion seen a year earlier.

The latest trade balance was worse than the median forecast by
economists in a Market News International survey for a deficit of
Y442.4 billion.

Exports fell 4.5% on the year to Y5.20 trillion in November,
marking a second straight month of declines. It was largely in line with
the median forecast by economists in a MNI survey for a 4.4% drop.

Exports of semiconductors and other electronic parts, which are
sensitive to changes in the trend of the global economy, fell 15.1% on
year while shipments of TVs and DVD recorders tumbled 48.5%.

The yen hit a post-war high of Y75.32 against the dollar on Oct.
31, prompting Japan to conduct its third yen-selling intervention this
year, but the currency remains strong, attracting safe-haven investor
buying amid the European sovereign debt crisis.

Japanese imports rose 11.4% y/y in November to Y5.88 trillion for
the 23rd consecutive rise on continued high demand for crude oil and
liquefied natural gas used for power generation as well as mobile phones
from Asia.

In November, imported crude oil prices averaged $109.3 a barrel, up
33.0% on year. The pace of growth slowed from +43.5% in October, when
the average price stood at $110.9 a barrel.

In November, exports to Asia, the largest market for Japanese
goods, fell 8.0% to Y2.8 trillion, a second straight drop, as shipments
of semiconductors as well as iron and steel products slumped.

Exports to China declined 7.9% to Y1.0 trillion in November, also
the second consecutive y/y drop.

Hit by flooding in Thailand, Japan’s exports to the key Southeast
Asian production center posted the second straight y/y drop in November,
down 24.0% at Y186.7 billion after falling 5.1% in October.

Supply chain constraints caused by the floods led to a 11.9% drop in
Japanese imports from Thailand in November following a 8.7% rise in
October.

Exports to the U.S. rose 2.0% to Y886.8 billion in November for the
first rise in two months largely due to a small increase a year before.

Meantime, exports to the European Union fell 4.6% to Y626.5 billion
in November for a second straight year-on-year fall.

tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4835 **

[TOPICS: M$J$$$,M$A$$$,MAJDS$,MT$$$$]