Japan Trade Balance June 2020


Japan: Exports decrease at slower pace in June

July 20, 2020

Yen-denominated merchandise exports shrank 26.2% in annual terms in June, on the heels of May’s 28.3% plunge. Meanwhile, imports dived 14.4% over the same month last year in June (May: -26.2% yoy). As a result, the merchandise trade balance deficit shrank to JPY 0.3 trillion in June, which was narrower than the JPY 0.8 trillion shortfall in May but markedly below the JPY 0.6 trillion surplus recorded in June 2019. Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a JPY 3.0 trillion deficit in June, compared to JPY 2.2 trillion deficit in May.

Our panelists forecast that exports will decrease 21.5% in 2020 and imports will decrease 18.2%, bringing the trade balance to a deficit of USD 21.7 billion. In 2021, our panelists expect exports to expand 9.1% and imports to expand 7.5%, prompting the trade balance to log a deficit of USD 15.0 billion.

Author:, Economist

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Japan Trade Balance Chart

Japan Trade12m June 20 20

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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