The nation's customs-cleared trade surplus for November climbed 58.7 percent to 1.06 trillion yen, marking the eighth straight month of year-on-year increase, provisional figures released Thursday showed.
Overall, imports fell for the first time since April 1994, contracting 4.2 percent from the same period last year to 3.16 trillion yen, while exports continued to log steady growth, rising 6.4 percent to 4.22 trillion yen to register an increase for the 28th consecutive month.
Factors such as the yen's depreciation against the dollar from an average of 112.79 last year to 122.42 this November and sluggish domestic demand contributed to the surplus rise, Finance Ministry officials said. But they maintain their position that the trade surplus will not grow significantly given the high level of overseas production and increased percentage of imports of manufactured goods.
The growth in exports was helped by a 15.5 percent rise in automobile exports and a 9 percent rise in office equipment. On the import side, 359.3 percent growth was seen in aircraft imports, but the nation imported 37.9 percent less lumber and 27 percent fewer autos than November last year.
Regionally, the month saw the trade surplus with the United States expand for the 14th straight month, with the figure rising 28.2 percent to 483.9 billion yen. Total exports to the U.S., buoyed by growth of 9.3 percent in auto exports and a 17.1 percent increase in optical equipment, rose 9.4 percent to 1.2 trillion yen. Imports, despite a 406.4 percent rise in U.S. aircraft imports, decreased by 0.4 percent due to factors such as falls of 59 percent and 49.3 percent in imports of lumber and autos.
With Asia, Japan had a surplus of 555.2 billion yen for the month, 11.5 percent greater than the same period last year. Exports contracted 1.9 percent and imports 7.4 percent. It was the first time since January 1995 that Asia-bound exports registered negative growth, and imports from Asia have not contracted since March 1994.