Japan: Exports fall at fastest pace in over a decade in May
Yen-denominated merchandise exports dropped 28.3% year-on-year in May after falling 21.9% in April, largely due to lower machinery and transport equipment shipments as foreign demand evaporated. The reading marked the sharpest decline since September 2009. Imports fell 26.2% in May after dropping 7.2% in April.
The merchandise trade balance was negative JPY 0.8 trillion in May, which was narrower than the JPY 1.0 trillion shortfall in the same month a year earlier. The 12-month trailing trade deficit narrowed to JPY 2.2 trillion in May from JPY 2.3 trillion in April.