Japan Trade April 2017


Japan: Export growth softens in April

May 22, 2017

Nominal exports in Japan valued in yen increased 7.5% from the same month last year in April, following March’s 12.0% increase. The print undershot the 7.8% increase that market analysts had expected. The external sector is benefiting from a weak yen and stronger global demand.

Imports expanded 15.1% annually in April, which followed March’s 15.8% increase. The print was broadly in line with the 14.8% rise that the markets had expected. Higher prices for raw materials are pushing up imports.

As a result of the strong rise in imports, the trade surplus declined from JPY 811 billion in April 2016 to JPY 482 billion in April 2017 (USD 4.3 billion). In the 12 months up to April, the trade surplus inched down to JPY 3.7 trillion, which was lower than the JPY 4.0 trillion surplus recorded in the previous month.

Author: Ricard Torné, Lead Economist

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