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Japan Trade Balance February 2021

Japan: Exports swing into contraction in February

Yen-denominated merchandise exports fell 4.5% in annual terms in February, contrasting January’s 6.4% jump. Meanwhile, imports climbed 11.8% on an annual basis in February (January: -9.5% yoy), marking the best result since November 2018.

As a result, the merchandise trade balance rose to a JPY 0.2 trillion surplus in February, contrasting the JPY 0.3 trillion deficit from the prior month (January 2020: JPY 1.1 trillion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 0.8 trillion surplus in February, compared to the JPY 1.7 trillion surplus in January.

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