Japan: Export growth slows in June
July 19, 2018
Nominal yen-denominated merchandise exports increased 6.7% annually in June, decelerating from May’s 8.1% expansion and undershooting market expectations of a 7.0% increase. Weaker export growth in May came on the back of lower shipments of cars and semiconductor manufacturing equipment to the United States.
Import growth also decelerated in June to a rise of 2.5% on an annual basis, well below the 14.0% rise recorded in May. The figure came in below market expectations of a 7.0% increase.
The merchandise trade balance swung to a JPY 0.7 trillion surplus in June from a JPY 0.6 trillion deficit in May due to a sharp moderation in import growth. Meanwhile, the 12-month trailing trade surplus rose to JPY 2.5 trillion in June from JPY 2.2 trillion in May.