Japan posted a merchandise trade surplus of 152.513 billion yen in November, the Ministry of Finance said on Monday.
That was shy of expectations for a surplus of 227.4 billion yen following the 496.2 billion yen surplus in October.
Exports were down 0.4 percent on year to 5.956 trillion yen, beating expectations for a decline of 2.3 percent following the 10.3 percent fall in the previous month.
Exports to all of Asia gained 3.4 percent on year to 3.235 trillion yen, while exports to China alone climbed 4.4 percent to 1.103 trillion yen.
Exports to the United States skidded an annual 1.8 percent to 1.211 trillion yen, while exports to the European Union slid 2.2 percent to 633.258 billion yen.
Imports slipped an annual 8.8 percent to 5.804 trillion yen versus expectations for a decline of 12.1 percent following the 16.5 percent tumble a month earlier.
Imports from the rest of Asia dropped 7.7 percent on year to 2.883 trillion yen, while imports from China alone slid 9.9 percent to 1.4876 trillion yen.
Imports from the United States fell 5.1 percent to 630.121 billion yen, while imports from the European Union dropped 13.3 percent to 716.954 billion yen.
The adjusted trade surplus was 536.1 billion yen, missing expectations for 590.5 billion yen and up from 474.3 billion yen in October.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.