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Japan Trade September 2023

Japan: Yen-denominated merchandise exports rebound in September

Yen-denominated merchandise exports increased 4.3% over the same month last year in September (August: -0.8% year-on-year). September’s outturn marked the strongest reading since March 2023. Meanwhile, yen-denominated merchandise imports plunged 16.3% on an annual basis in September (August: -17.7% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a JPY 0.1 trillion surplus in September (August 2023: JPY 0.93 trillion deficit; September 2022: JPY 2.1 trillion deficit).

According to an estimate by Nomura, yen-denominated merchandise exports rose 5.1% month on month in volume terms and were up 0.4% in Q3 compared to Q2. This suggests that export growth will be lower in the Q3 GDP print released on 15 November compared to Q2.

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