Japan Trade Balance October 2020


Japan: Exports drop at a softer pace in October

November 18, 2020

Yen-denominated merchandise exports edged down 0.2% on an annual basis in October (September: -4.9% year-on-year). October’s reading marked the softest decline since November 2018. Meanwhile, imports fell 13.3% in annual terms in October (September: -17.4% yoy), marking the best result since April 2020.

As a result, the merchandise trade balance rose from the previous month, recording a JPY 0.9 billion surplus in October (September 2020: JPY +0.7 trillion). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a JPY 0.7 trillion deficit in October, compared to the JPY 1.5 trillion deficit in September.

Our panelists forecast that exports will increase 10.8% in 2021 and imports will increase 6.4%, bringing the trade balance to a deficit of USD 8.9 billion. In 2022, our panelists expect exports to expand 7.8% and imports to expand 7.0%, reducing the trade deficit to USD 4.8 billion.

Author:, Economist

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Japan Trade Balance Chart

Japan Trade12m October 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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