By Michael Kitchen, MarketWatch LOS ANGELES (MarketWatch) — Japan’s trade surplus narrowed from year-earlier levels in November, as import growth greatly outpaced the rise in exports, according to data released Wednesday by the Ministry of Finance. Although export growth fell short of forecasts, it still accelerated for the first time in nine months. November’s export growth hit 9.1% from the year earlier, lagging 14.2% growth for imports, and resulting in a 162.8 billion yen ($1.943 billion) trade surplus. Economists had forecast a 10.8% gain for November exports, according to a survey reported by Dow Jones Newswires. Economists also expected on average the trade surplus would shrink to ¥446 billion from October’s ¥821.9 billion surplus, according to the Dow Jones Newswires survey. Bank of Tokyo-Mitsubishi UFJ strategist Naomi Fink pointed to the jump in imports as driving the smaller surplus result. She said in emailed comments that a possible influence pushing up the import growth “might be the reversal in dollar-yen in November, which put at least a temporary end to Japan’s run of ever-cheaper dollar import prices, especially as trade volumes (both ways) continue to grow.” The data included smaller trade surpluses with the U.S. and Asia overall, while Japan also swung back to a trade deficit with China after posting a small surplus in October, Fink said. Still, the export growth in the data, which were seasonally adjusted, marked the 12th consecutive month of growth.

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