Japan: Exports slump in March as external demand shrivels
Yen-denominated merchandise exports dropped 11.7% in year-on-year terms in March, after falling 1.0% in February, largely due to lower machinery and transport equipment shipments. The reading marked the 16th consecutive decline in exports. Imports fell 5.0% in March, after decreasing a revised 13.9% in February (previously reported: -14.0% year-on-year).
The values of merchandise exports and imports were equally matched in March, which, as a balance, was less than the JPY 0.5 trillion surplus logged in the same month a year earlier. The 12-month trailing trade deficit widened to JPY 1.3 trillion in March from JPY 0.8 trillion in February.