Japan Trade


Export growth slows in August

In August, nominal exports valued in yen expanded 3.1% over the same month last year, which represented a deceleration over the 7.6% increase recorded in July. Moreover, the print undershot the 4.3% increase that market analysts had expected.

Imports contracted 3.1% annually in August, which followed the 3.2% drop tallied in July. The print was below the 2.5% decrease that market analysts had expected. Imports continue to fall as the decline in energy prices is reducing costs.

As a result, the trade balance recorded a JPY 570 billion deficit (USD 4.7 billion) in August. Although the reading was better than the JPY 953 billion deficit tallied in the same month last year, it slightly exceeded the JPY 540 billion shortfall that economists had expected. In the 12 months up to August, the trade deficit was JPY 5.8 trillion, which was down from the JPY 6.2 trillion shortfall that was recorded in the previous month and represented the smallest deficit since August 2012.

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Japan Trade Chart

Japan Trade12m August 2015

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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