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Japan Trade March 2023

Japan: Yen-denominated merchandise exports sluggish in March

Yen-denominated merchandise exports rose 4.3% on an annual basis in March, beating market expectations but below February’s 6.5% rise. Meanwhile, merchandise imports climbed 7.3% on an annual basis in March (February: +8.3% yoy), marking the weakest result since March 2021.

As a result, the merchandise trade deficit declined to JPY 0.8 trillion in March (February: JPY 0.9 trillion; March 2022: JPY 0.5 trillion).

According to an estimate by Nomura, merchandise exports rose 1.2% month on month in real terms in March. Overall, merchandise exports fell 3.1% quarter on quarter in real terms in Q1, boding poorly for the external sector.

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