Weak yen boosts Japan’s exports by 3.8% in November

Posted on December 19, 2024   |  

Japan’s exports grew by 3.8% in November, driven by strong demand for chipmaking equipment and nonferrous metals, while car shipments declined. This increase exceeded expectations of 2.5%.

Imports dropped by 3.8%, mainly due to lower crude oil purchases, resulting in a trade deficit of ¥117.6 billion ($765 million) for the fifth month in a row.

Export growth provided limited economic support as demand from the U.S. and Europe fell, while China’s imports from Japan rose by 4.1%, supported by its government’s economic stimulus efforts.

Shipments to the U.S. fell by 8%, mainly due to fewer car and medicine exports, while shipments to Europe dropped by 12.5%, largely because of lower car exports.

Export volumes remained nearly the same, despite the rise in export value, highlighting weak trade activity overall.

The yen averaged ¥152.83 per dollar in November, 1.7% weaker than last year, helping exporters by increasing the value of their earnings in yen.