Japan Trade Balance


Japan: Exports expand at fastest rate in over two years

August 19, 2013

In July, nominal yen exports rose 12.2% over the same month last year, overshooting the 7.4% increase seen in June and marking the fastest expansion since December 2010. The print did, however, come in below market expectations of a 13.1% increase. As a result, in the 12 months up to July, exports were 0.3% above the level recorded in the same period last year, which contrasts the 1.4% decline seen in the 12 months up to June.

Imports increased 19.6% in annual terms in July, which followed the 11.8% rise tallied in June. The print overshot market expectations of a 15.4% expansion and marked the biggest gain since June 2010. As a result, the moving 12-month sum of imports rose 6.3% over the same period last year (June: +4.8% year-on-year).

The trade balance registered a JPY 1.0 trillion deficit (USD 10.5 billion) in July, which marks a deterioration over the JPY 529 billion shortfall (USD 5.4 billion) observed in the same month last year. Accordingly, the trailing 12-month sum of the trade deficit widened from JPY 8.9 trillion in June to JPY 9.4 trillion in July.

Author: Ricard Torné, Head of Economic Research

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