Japan Trade Balance April 2022


Japan: Merchandise exports grow at a more moderate pace in April

May 19, 2022

Yen-denominated merchandise exports rose 12.5% over the same month last year in April, following March’s 14.7% upturn. Meanwhile, merchandise imports shot up 28.2% in annual terms in April (March: +31.2% yoy).

As a result, the merchandise trade deficit rose from the previous month, to JPY 0.8 trillion in April (March 2022: JPY 0.4 trillion; April 2021: JPY 0.2 trillion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a JPY 6.5 trillion deficit in April, compared to the USD 5.4 billion deficit in March.

Analysts at EIU commented on the trade outlook:

“The latest data support our view that Japan's annual trade deficit will persist amid the difficult and changing global trade environment. Export growth will continue to slow as global demand weakens, while import growth will stay elevated owing to prolonged high energy and commodity prices. The yen's depreciation against the US dollar will continue to exert an additional drag on the trade account, against the backdrop of Japan's monetary policy variance from the US and other economic partners.”

Our panelists forecast that exports will increase 6.2% in 2022 and imports will increase 12.9%, bringing the trade balance to a deficit of USD 33.7 billion. In 2023, our panelists expect exports to expand 6.1% and imports to expand 3.3%, prompting the trade balance to log a deficit of USD 12.8 billion.


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Japan Trade Balance Chart

Japan Trade12m April 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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