Japan Trade Balance August 2022

Japan

Japan: Merchandise exports rise at faster pace in August, but trade deficit swells to record level

September 15, 2022

Yen-denominated merchandise exports shot up 22.1% in annual terms in August (July: +19.0% year on year). August’s figure marked the fastest growth since August 2021, but undershot market expectations. Meanwhile, merchandise imports climbed 49.9% on an annual basis in August (July: +47.2% yoy), overshooting market expectations.

As a result, the merchandise trade balance grew from the previous month, reaching JPY 20.3 trillion in August and marking a record high (July 2022: JPY 10.7 trillion; August 2021: JPY 5.9 trillion).

Analysts at Nomura commented:

“Although real exports improved overall in August […] we forecast the start of economic recessions in FY22 H2 not only in Europe but also in the US […] we still expect the slowdown in Japan’s exports to become more evident from here.”

Our panelists forecast that exports will increase 1.7% in 2022 and imports will increase 11.6%, bringing the trade balance to a deficit of USD 57.8 billion. In 2023, our panelists expect exports to expand 2.9% and imports to contract 2.2%, prompting the trade balance to log a deficit of USD 17.9 billion.


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