Japan Trade

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Japan: Exports remain strong in April

May 25, 2015

In April, nominal exports valued in yen expanded 8.0% over the same month last year, which represented a slight deceleration over the 8.5% increase recorded in March. The print topped the 6.0% increase that market analysts had expected.

Imports contracted again in April, falling 4.2% annually, which followed the 14.5% drop tallied in March. The print exceeded the 1.1% decrease that market analysts had expected. Imports continue to fall as the decline in energy prices is cutting costs.

As a result of the large drop in imports and the expansion in exports, the trade balance recorded a JPY 53.4 billion deficit (USD 439 million) in April, which was above the JPY 826 billion deficit in the same month last year. Moreover, the print was better than the JPY 325 billion shortfall that economists had expected. In the 12 months up to April, the trade deficit was JPY 8.4 trillion, which was down from the JPY 9.1 trillion shortfall that was recorded in the previous month and represented the smallest deficit since March 2013.


Author: Ricard Torné, Lead Economist

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Japan Trade Chart


Japan Trade12m April 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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