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Japan: Exports accelerate to five-month high in June

July 23, 2015

In June, nominal exports valued in yen expanded 9.5% over the same month last year, which represented an acceleration over the 2.4% increase recorded in May. Although the print fell short of the 10.0% increase that market analysts had expected, it represented a five-month high.

Imports contracted 2.9% annually in June, which followed the 8.7% drop tallied in May. The print was better than the 4.3% decrease that market analysts had expected and represented a six-month high. Imports continue to fall as the decline in energy prices is cutting costs.

As a result, the trade balance recorded a JPY 69.0 billion deficit (USD 557 million) in June, which was better than the JPY 834 billion deficit in the same month last year. The print contrasted the JPY 45.8 billion surplus that economists had expected. In the 12 months up to June, the trade deficit was JPY 6.9 trillion, which was down from the JPY 7.7 trillion shortfall that was recorded in the previous month and represented the smallest deficit since November 2012.


Author: Ricard Torné, Head of Economic Research

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Japan Trade12m June 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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