Dec. 17, Bangkok (AP) Japan's exports increased by 6% in November compared to the same month last year, with shipments to the US increasing for the first time since March as tariff concerns subsided after a trade agreement with the Trump administration.
Japan's total imports increased 1.3% last month compared to a year ago, according to preliminary statistics released Wednesday, leaving a surplus of 322.2 billion yen (about USD 2.1 billion).
As shipments of automobiles, chemicals, and cameras helped offset reductions in equipment, iron, and steel, exports to the US increased by over 9% from the previous year. Alongside substantial rises in imports of grain and other food items, US oil imports almost tripled.
Passenger car shipments increased by 8% as a result of Japan's tariff agreement with President Donald Trump's administration, which set the baseline import duty for most goods at 15% rather than the previous plan for a 25% levy. However, the value of those vehicles—cars, lorries, and buses—only slightly increased by 1.5%, indicating the automakers' unwillingness to forward greater tariff costs to customers.
Although Japan recorded a trade surplus of 739.8 billion yen (USD 4.7 billion), up 11% from the previous year, US imports increased by more than 7%.
Due to rising demand for automobiles, machinery, and other manufactured items, Japan's exports to the EU increased by around 20% last month compared to a year ago.
However, exports to China fell 2.4% on weaker shipments of chemicals, equipment, and automobiles as a result of tensions with Beijing following Prime Minister Sanae Takaichi's remarks regarding Taiwan's defense.
Higher tariffs are likely to continue to hurt exports, according to a report by Norihiro Yamaguchi of Oxford Economics, despite a recent improvement in trade with the US, its biggest trading partner.
However, he predicted that exports from Japan will probably increase in the upcoming year.
According to Yamaguchi, "spillovers from robust US AI-related spending will likely support exports as well." (AP) SKS SKS
Due to rising demand for automobiles, machinery, and other manufactured items, Japan's exports to the EU increased by around 20% last month compared to a year ago.
However, exports to China fell 2.4% on weaker shipments of chemicals, equipment, and automobiles as a result of tensions with Beijing following Prime Minister Sanae Takaichi's remarks regarding Taiwan's defense.
Higher tariffs are likely to continue to hurt exports, according to a report by Norihiro Yamaguchi of Oxford Economics, despite a recent improvement in trade with the US, its biggest trading partner.
However, he predicted that exports from Japan will probably increase in the upcoming year.
According to Yamaguchi, "spillovers from robust US AI-related spending will likely support exports as well." (AP) SKS SKS.
0 Comments