Japan Trade September 2017


Japan: Trade data remains resilient in September

October 19, 2017

Nominal exports valued in yen increased 14.1% from the same month last year in September, following August’s 18.1% rise. The print undershot the 14.9% increase that market analysts had expected. Despite the deceleration, exports managed to expand at a double-digit rate for the six time in the last eight months, suggesting that global demand remains buoyant.

Growth in imports moderated from 15.2% in August to 12.0% in September. The print came in below the 15.0% rise that markets had expected. The sill strong growth in imports is a clear signal of resilient domestic activity.

The trade surplus went from JPY 487 million in September 2016 to JPY 670 billion in September 2017. Accordingly, in the 12 months leading up to September, the trade surplus rose to JPY 3.5 trillion, which was higher than the JPY 3.3 trillion surplus recorded in the previous month.

Author: Ricard Torné, Lead Economist

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Japan Trade Chart

Japan Trade12m September 2017

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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