Declines in Japan’s exports unexpectedly steepened for the first time since May amid renewed declines in shipments to the U.S., as a resurgence of the pandemic took a heavier toll on global trade.
The value of overseas shipments fell 4.2% in November compared with a year earlier, accelerating from a 0.2% slide in October and breaking a five month streak of improvement, the finance ministry reported Wednesday. Economists had predicted a 0.4% gain. Auto exports dropped again after breaking into positive territory in October.
The trade reversal further darkens the outlook for Japan’s economy because exports have been a key driver of the recovery while service businesses struggle. Prime Minister Yoshihide Suga’s administration on Tuesday approved a third extra budget with another $210 billion in spending to fight the crisis.
Key Insights
China processed a lower volume of crude in April as refiners shut operations to conduct planned seasonal maintenance.
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