Japan’s exports increased 6.1% in November from a year earlier, surpassing economists’ forecast of 5.0%, according to the Finance Ministry. Shipments to the U.S. rose 8.8% and to the EU 19.6%, offsetting a decline to China. The overall trade balance showed a surplus of ¥322.3 billion.
Japan’s exports rose by the most since February in November, gaining 6.1% from a year earlier, as reported by the Finance Ministry on Wednesday. The increase, exceeding economists’ forecast of 5.0%, was driven by demand for semiconductor parts and medical goods.
Shipments to the U.S. climbed 8.8%, marking the first rise in eight months, which boosted the trade surplus with the U.S. to ¥739.8 billion ($4.8 billion), up 11.3% from the previous year. This surplus has persisted nonstop since U.S. President Donald Trump’s second term began in January, despite his administration’s push for higher tariffs to narrow the gap.
The uptick in U.S.-bound exports is a positive sign for the Bank of Japan, which is expected to raise its benchmark interest rate on Friday. Uncertainties surrounding U.S. tariffs have been a key reason the BOJ has held off on another hike since January.
Exports to China fell 2.4%, led by declines in chip-making machinery and nonferrous metals, while imports from China rose 2.3%. Overall, Japan recorded an unadjusted trade surplus of ¥322.3 billion, with imports increasing 1.3% against a consensus estimate of 3%.
Trade with Beijing faces added uncertainty following a diplomatic dispute last month over Prime Minister Sanae Takaichi’s remarks on a hypothetical Taiwan contingency.
