Japan Exports Down 4.5 Percent, Imports Up 11 Percent

Japan’s trade deficit expanded for the second straight month to $8.78 billion in November, as exports fell 4.5 percent year-over-year and import jumped 11.4 percent, according to preliminary figures released by the Finance Ministry Wednesday.

The country’s trade gap widened from $3.59 billion in October. Japan posted a $2.02 billion trade surplus in November 2010.

The export decline was led by electronic parts, including semiconductors, visual equipment and steel, which tumbled 15.1 percent, 48.5 percent and 9.2 percent, respectively, in terms of value.

Import growth, rising for the 23 months in a row, was fueled by liquefied natural gas , crude oil and telecommunications equipment, which soared 76.0 percent, 15.1 percent and 42.7 percent, respectively, in terms of value.

Until September, Japan’s overall exports had grown for two months in a row on a year-over-year basis after five months of declines, reflecting the restoration of supply chains disrupted by the catastrophic earthquake and tsunami that hit the northeastern part of the country on March 11.

Japan’s exports to the United States rose for the first time in two months in November on a year-over-year basis, increasing 2 percent to $11.37 billion. Imports from the U.S. fell for the first time in four months, dropping 0.8 percent to $6.51 billion.

As a result, Japan’s trade surplus with the U.S. widened for the first time in three months in November on a year-over-year basis, expanding 5.9 percent to $4.86 billion. The U.S. is now Japan’s second-largest trading partner after China.

Contact Hisane Masaki at yiu45535@nifty.com.