JAKARTA (TheInsiderStories) - Export from Japan fell, but China and United States (US) improved in November along with the rising demand from the partnering countries, the three announced this month. The Japanese ministry of finance reported today, that the country’ exports fell 4.2 percent in November compared to 2019, triggered by a decline in exports to US and China.
By destination, exports to America contracted for the first time in three months as weak demand for aircraft equipment. The ministry said, export values down 2.5 percent from previous year. Then, exports to China, rose at the slowest pace in five months, by 3.8 percent, driven by communications devices. For the first two months, exports to Asia also contracted by 4.3 percent and exports to the European Union dropped 2.6 percent.
In the same month, imports slumped 11.1 percent compared with 2019, bringing in a trade surplus of JPY366.8 billion (US$3.54 billion). Its neighboring countries, China reported its global trade surplus for the first 11 months of 2020 to $460 billion or up 21.4 percent from last year.
Exports to the US rose to $51.9 billion and imports of American goods gained 33 percent to $14.6 billion. The trade surplus with the competitor swelled 52 percent over a year earlier to $37.3 billion. The country promised to buy more American soybeans, natural gas and other exports as part of the “Phase 1” agreement signed in January.
The second world largest economy also aimed to end a costly tariff battle over Chinese technology ambitions. The two agreed to postpone further planned tariff hikes on each other’ goods but most penalties already imposed on billions of dollars of imports stayed in place.
Also in November, exports to the 27-nation European Union rose 8.6 percent over a year ago to $37.5 billion while imports of European goods gained 4.5 percent to $26.2 billion. China’ trade surplus with Europe widened by 20 percent to $11.3 billion.
While, labor department of US reported on Tuesday, total exports rose to $268 billion, accelerating from October’ 11.4 percent growth. In addition, imports gained 5 percent to $192.6 billion, up from the previous month’s 4.7 percent.
After increasing 0.8 percent in October, the country’ export prices to China rose 1.5 percent in November. It was the largest rise since the index increased 3.0 percent in June. Export prices to China advanced 2.7 percent from November 2019 to November 2020.
US$1: JPY103.61
Written by Editorial Staff, Email: theinsiderstories@gmail.com
