Japan Trade Balance March 2022


Japan: Merchandise trade deficit narrows in March

April 27, 2022

Yen-denominated merchandise exports jumped 14.7% on an annual basis in March, following February’s 19.1% upturn. Meanwhile, merchandise imports soared 31.2% in annual terms in March (February: +34.1% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a JPY 0.4 trillion deficit in March (February 2022: JPY 0.7 trillion deficit; March 2021: JPY 0.6 trillion surplus). Nevertheless, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a JPY 5.4 trillion deficit in March, compared to the JPY 4.4 trillion shortfall in January.

Our panelists forecast that exports will increase 7.0% in 2022 and imports will increase 11.1%, bringing the trade balance to a deficit of USD 13.7 billion. In 2023, our panelists expect exports to expand 5.1% and imports to expand 3.5%, prompting the trade balance to log a deficit of USD 1.1 billion.


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Japan Trade Balance Chart

Japan Trade12m March 2022 1

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Ministry of Finance and FocusEconomics calculations.

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