Japan: Merchandise exports rise at a softer rate in January
Yen-denominated merchandise exports rose 9.6% on an annual basis in January, slowing from December’s 17.5% increase. December’s reading marked the eleventh consecutive month of growth in exports. Meanwhile, merchandise imports climbed 39.6% over the same month last year in January, slowing slightly from December’s 41.1% rise.
As a result, the merchandise trade balance deteriorated from the previous month, recording a JPY 2.2 trillion deficit in January (December 2021: JPY 0.6 trillion deficit; January 2021: JPY 0.3 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a JPY 3.3 trillion deficit in January, compared to the JPY 1.5 trillion deficit in December.