— Adds Details, Economist Comments From 5th Paragraph
— Japan Nov 1st 20-Day Exports -7.2% Y/Y Vs Oct -3.8%
— Japan Nov 1st 20-Day Imports +3.9% Y/Y Vs Oct +17.9%
— Japan Nov 1st 20-Day Trade Deficit Y366.64 Bln; Surplus Yr Ago
TOKYO (MNI) – Japan’s exports continued to slump in the first 20
days of November amid slowing global growth and the strong yen, data
released by the Ministry of Finance showed on Thursday.
Exports in the first 20 days of last month fell 7.2% on the year to
Y3.39 trillion after falling 3.8% in the whole of October.
Imports rose 3.9% y/y to Y3.76 trillion in the first 20 days of
November following a 17.9% rise in the previous month.
As a result, Japan’s trade balance for the first 20 days of
November posted a deficit of Y366.64 billion after making a deficit of
Y280.17 billion in the whole of October.
Takeshi Minami, senior economist at Norinchukin Research Institute,
forecast that the November trade balance, due out on Dec. 21, will mark
a deficit for the second straight month.
In the first 20 days of November, semiconductors, audio-visual
equipment as well as iron and steel led the export slump while liquefied
natural gas, coal and medicine pushed up imports, a MOF official said.
Many of Japan’s 54 nuclear reactors remained shut for routine
maintenance or due to the March earthquake disaster, promoting more
purchases of fossil fuels used at thermal power plants.
During the first 20 days of November, prices of imported crude oil
averaged $109.3 a barrel, up 33.0% from the whole of November 2010 but
down slightly from $110.9 marked in October, the MOF said.
tokyo@marketnews.com
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