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Japan: Exports in September grow at slowest pace in over one year

October 21, 2015

In September, nominal exports valued in yen expanded 0.6% over the same month last year, which represented a deceleration over the 3.1% increase recorded in August. Moreover, the print undershot the 3.4% increase that market analysts had expected and represented the weakest expansion since August 2014.

Imports contracted 11.1% annually in September, which followed the 3.1% drop tallied in August. The print was slightly in line with the 11.7% decrease that market analysts had expected. Imports continue to fall as the decline in energy prices is reducing costs.

As a result, the trade balance recorded a JPY 114 billion deficit (USD 951 million) in September. The reading was better than both the JPY 962 billion deficit tallied in the same month last year and the JPY 569 billion shortfall that economists had expected. In the 12 months up to September, the trade deficit was JPY 5.0 trillion, which was down from the JPY 5.8 trillion shortfall that was recorded in the previous month and represented the smallest deficit since June 2012.


Author: Ricard Torné, Lead Economist

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Japan Trade Chart


Japan Trade12m September 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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