Japanese exports plummet on trade fears, global slowdown - Reuters
As reported by Reuters, Japan's Trade Balance data, released late on Tuesday is showing continued fall-out from broader market fears centered on trade tensions between the US and China, as well as a poorly-timed economic slowdown that threatens to span the entire globe.
The 0.1 percent year-on-year rise in exports undershot a 1.8 percent annual increase expected by economists in a Reuters poll, and was well below a 8.2 percent jump in October.
Japan’s exports to the United States grew 1.6 percent year-on-year in November, led by shipments of airplane motors and semiconductor production equipment, slowing sharply from October’s 11.6 percent jump. U.S.-bound auto exports fell 7.0 percent to 163,586 units.
Japan’s imports from the United States rose 8.1 percent in the year to November, led by feed corn, medicines and oil products, helping reduce its trade surplus with the U.S. by 5.4 percent on the year to 623.4 billion yen ($5.55 billion). It was marked the fifth straight month of declines.
The trade balance came to a deficit of 737.3 billion yen, versus a deficit of 600.3 billion yen expected by economists. It marked a second straight month of shortfalls.
Analysts expect a rebound in growth in the current quarter as temporary effects of natural disasters fade away, but trade frictions and slowing external demand cloud the outlook for the export-reliant economy.