Japan’s Exports Fell for 24 Consecutive Months in November
Exports in November decreased by 4.2% year on year to 6.1136 trillion yen (385.7 billion yuan), according to provisional trade statistics released by the Ministry of Finance on December 16. It has fallen for 24 straight months since December 2018, setting a record for the longest decrease since January 1979, when comparable data are available. Exports to the United States fell for the first time in three months, while exports to Europe were also sluggish, the decline was larger than the 0.2% decrease in October. The COVID-19 pandemic has spread again and the economic recovery is weak. In particular, Japan's imports in November fell 11.1% to 5.7469 trillion yen. The balance of trade of exports minus imports was 366.8 billion yen, maintaining a surplus for five consecutive months. In addition, the pandemic has spread again seriously in Europe and the United States, and travel restrictions and other measures have affected production and trade. Japan's exports to the United States fell 2.5% to 1.1813 trillion yen. Exports of aircraft parts and pharmaceuticals fell by 37.1% and 35.2%, respectively. Areas such as aircraft imports were also sluggish, falling 13.9% to 593.1 billion yen. Exports to the EU fell by 2.6% to 561 billion yen, and imports fell 17.3% to 629.9 billion yen. Auto imports and exports are sluggish. Japan's exports to China rose 3.8% to 1.3595 trillion yen, the fifth consecutive monthly increase. Imports were also driven by growth in telecommunications equipment such as mobile phones and electronic computers, including computers, up 6.7% to 1.6843 trillion, the first increase in five months. It is reported that the high demand caused by home stay as a result of the COVID-19 outbreak is the background reason. The head of Japan's Ministry of Finance said on the prospects: "Attention will be paid to the spread of COVID-19 and the situation of the manufacturers."