Global| Jan 27 2003Japan’s Trade Balance Declines in December
Summary
With a 7% decline in Japanese exports and a 1% rise in imports, Japans trade surplus declined from 1,050.7 billion yen in November to 657.3 billion yen in December, a greater than expected decline. The strengthening yen since early [...]
With a 7% decline in Japanese exports and a 1% rise in imports, Japan’s trade surplus declined from 1,050.7 billion yen in November to 657.3 billion yen in December, a greater than expected decline. The strengthening yen since early 2002, particularly against the dollar and the euro, is beginning to have an effect on the demand for Japanese products in the U. S. and western Europe. Exports to the U.S. rose only 1% while exports to Western Europe declined by 2% for the year as whole.
Total exports for the 2002 were up 6.4% and, with imports virtually unchanged. the trade surplus rose by 50%. In dollar terms, the trade surplus increased from $56 billion in 2001 to $84 billion in 2002. The recent deterioration in the export trend suggests a lower balance of trade in 2003 and less stimulus to the economy.
| Japanese Exports and Imports | Dec02 | Nov02 | M/M | Y/Y | 2002 | 2001 | 2000 |
|---|---|---|---|---|---|---|---|
| Exports | 4,406.2 | 4,754.0 | -7.3% | 6.4% | 52,130.1 | 49,015.8 | 51,626.5 |
| U.S. | 1,202.8 | 1,380.6 | -12.9% | 1.0% | 14,863.3 | 14,711.1 | 15,355.4 |
| Western Europe | 703.2 | 726.2 | -3.2% | -2.1% | 8,154.4 | 8,325.8 | 9,000.2 |
| Imports | 3,748.9 | 3,703.3 | 1.2% | -0.5% | 42,209.0 | 42,419.3 | 40,897.0 |
| Surplus | 657.3 | 1,050.7 | -37.4% | 50.4% | 9,921.1 | 6,596.5 | 10,729.5 |
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