Japan Trade Gap Narrows in October

Japanese trade deficit declined to ¥710 Billion in October of 2014 from ¥1100 Billion a year earlier, the lowest since June 2013. While exports rose at the fastest pace since February, imports growth slowed to 2.7 percent.

In October, exports grew 9.6 percent year-on-year to ¥6688 billion. Sales to Asia, which account for more than half of the country's total exports, rose 10.5 percent. Shipments to China grew by 7.2 percent, to Hong Kong by 19.3, to Taiwan by 16.2 percent and to South Korea by 3 percent. Shipments to the United States increased by 8.9 percent and to Western Europe by 6 percent. 

By commodity, exports increased among of all major categories: transport equipment (11 percent), electrical machinery (10.8 percent), machinery (9.7 percent), manufactured goods (9 percent) and chemicals (8.8 percent). 

Imports rose 2.7 percent year-on-year to ¥73981 billion driven by rise in shipments of food (8.6 percent) and chemicals (5.9 percent). Imports of mineral fuels decreased 5.9 percent with crude oil declining by 8.8 percent and liquefied natural gas by 7.9 percent. 

The biggest trade deficits were reported with: China, Saudi Arabia, Australia, United Arab Emirates, Russia, Malaysia and Kuwait. The biggest trade surpluses were reported with: United States, Hong Kong, South Korea, Singapore and Taiwan.

Japan Trade Gap Narrows in October

Ministry of Finance | anna@tradingeconomics.com
11/20/2014 1:01:55 AM