Japan: Exports slow down in June
July 24, 2013
In June, nominal yen exports rose 7.4% over the same month last year, undershooting the 10.1% increase seen in May, which had marked the fastest expansion seen since December 2010. The print also came in below market expectations of a 10.3% increase. As a result, in the 12 months up to June, exports were 1.4% below the level recorded in the same period of last year, which represents an improvement over the 2.3% decline seen in the 12 months up to May.
Imports increased 11.8% in annual terms in June. The print followed the 10.1% rise tallied in May and fell short of market expectations of a 13.6% expansion. As a result, the moving 12-month sum of imports rose 4.8% over the same period last year (May: +3.7% year-on-year).
The trade balance registered a JPY 181 billion deficit (USD 1.8 billion) in June, which contrasts the JPY 56 billion surplus (USD 568 million) observed in the same month last year and marks the 12th consecutive monthly shortfall. Accordingly, the trailing 12-month sum of the trade deficit widened from JPY 8.6 trillion in May to JPY 8.9 trillion in June.