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Japan: Export growth decelerates slightly in July

August 19, 2015

In July, nominal exports valued in yen expanded 7.6% over the same month last year, which represented a deceleration over the 9.5% increase recorded in June. That said, the print overshot the 5.2% increase that market analysts had expected.

Imports contracted 3.2% annually in July, which followed the 2.9% drop tallied in June. The print was above the 8.2% decrease that market analysts had expected. Imports continue to fall as the decline in energy prices is cutting costs.

As a result, the trade balance recorded a JPY 268 billion deficit (USD 2.2 billion) in July. Although the reading was better than the JPY 967 billion deficit tallied in the same month last year, it exceeded the JPY 53.0 billion shortfall that economists had expected. In the 12 months up to July, the trade deficit was JPY 6.2 trillion, which was down from the JPY 6.9 trillion shortfall that was recorded in the previous month and represented the smallest deficit since September 2012.


Author: Ricard Torné, Lead Economist

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Japan Trade12m July 2015

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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