2017.12.1723:37:00UTC+00Japan Export Growth Picks Up in November

Japan's export growth picked up in November to mark a full year of annual gains, which highlights the strength of foreign demand.

According to the Ministry of Finance, the value of exports increased 16.2 percent year on year, as it accelerated from a 14.0 percent year-on-year rise in October. The result marked a twelfth consecutive month of growth.

In volume terms, Japan's exports increased 5.5 percent in November from a year ago, the 10th straight month of rises, led by robust shipments to China and Asia, the data showed.

Outbound shipments to Asia, which accounts for over a half of Japan's exports, increased 20.4 percent in the year to November to ¥3.89 trillion, the record amount.

The value of exports to China, Japan's biggest trading partner, was up 25.1 percent year-on-year in November to ¥1.38 trillion, the highest amount on record, led by equipment to manufacture liquid crystal displays (LCD).

Exports to the United States increased 13.0 percent in the year to November, led by cars and excavators, following a 7.1 percent advance in the previous month. Japan's trade surplus with the United States grew an annual 13.7 percent in November to ¥660 billion.

Imports increased 17.2 percent in the year to November, against the median estimate for a 18.0 percent annual rise, led by cell phones from China and crude oil.

These figures resulted in a trade surplus of ¥113.4 billion, which records a sixth consecutive surplus month.

The data supports the Bank of Japan's upbeat outlook for the Japanese economy. The central bank holds a two-day policy setting meeting that ends on Thursday.