Japan Trade Balance June 2022


Japan: Merchandise exports gain steam in June

July 21, 2022

Yen-denominated merchandise exports shot up 19.4% over the same month last year in June, following May’s 15.8% upturn. June’s result marked the most robust expansion since November 2021. Meanwhile, merchandise imports climbed 46.1% over the same month last year in June (May: +48.9% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a JPY 1.4 trillion deficit in June (May 2022: JPY 2.4 trillion deficit; June 2021: JPY 0.4 trillion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a JPY 10.4 trillion deficit in June, compared to the JPY 8.6 trillion deficit in May.

Analysts at EIU commented on the trade outlook:

“The outlook for improvement in the external sector remains weak, with structural headwinds unlikely to ease significantly in the coming months. EIU expects Japan to record a substantial merchandise trade deficit in 2022, which will be a drag on growth and the current account this year.”

Our panelists forecast that exports will increase 3.5% in 2022 and imports will increase 11.3%, bringing the trade balance to a deficit of USD 42.9 billion. In 2023, our panelists expect exports to expand 3.3% and imports to contract 1.2%, prompting the trade balance to log a deficit of USD 7.3 billion.


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Japan Trade Balance Chart

Japan Trade12m June 2022

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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