Japon Balance Commerciale

Japan’s trade balance swung to a surplus of JPY 322.2 billion in November 2025 from a deficit of JPY 120.8 billion in the same month a year earlier, easily exceeding market forecasts of a gain of JPY 71.2 billion and marking the first surplus since June. Exports rose 6.1% year-on-year to JPY 9,714.7 billion, marking a third consecutive month of growth and outpacing forecasts of 4.8%. It also indicated the fastest pace of shipments since February, due to solid overseas demand for automobiles and capital goods, firmer exports to the U.S. and parts of Asia, and the yen’s relative weakness, which continued to enhance the price competitiveness of Japanese products abroad. Meanwhile, imports grew 1.3% to JPY 9,392.4 billion, marking a third straight month of expansion but falling short of estimates of 2.5%. The slowdown reflected softer domestic demand, particularly for consumer goods, alongside easing energy prices that curbed the value of fuel imports.