Mount Fuji, Japan

Exports in Japan

Japan Exports

Merchandise exports drop in July, leading trade balance to return to deficit

Yen-denominated merchandise exports fell 0.3% year on year in July, contrasting June’s 1.5% increase. July’s figure marked the sharpest decline since February 2021. Meanwhile, yen-denominated merchandise imports dived 13.5% in annual terms in July (June: -12.9% yoy), marking the weakest reading since September 2020.

As a result, the merchandise trade balance remained slipped into a JPY 0.1 trillion deficit in July from the previous month’s marginal surplus (July 2022: JPY 1.4 trillion deficit).

Analysts at Nomura said:

“After making adjustments for inflation and seasonality, we estimate that real exports increased by 1.3% m-m in July 2023, rising for a second consecutive month […]. In our most recent economic forecasts, we revised up our export forecasts in light of solidity in overseas economies such as the US and a weaker yen than we had previously expected, and we look for an increase in real exports in Jul-Sep. The July results appear to be in line with this forecast.”

Japan Exports Chart

This chart displays Exports (USD billion) for Japan from 2013 to 2022.

Japan Exports Data

2018 2019 2020 2021 2022
Merchandise Exports (USD bn) 736 697 629 749 751
Exports (G&S, ann. var. %) 3.8 -1.5 -11.6 11.9 5.1
Merchandise Exports (ann. var. %) 7.0 -5.2 -9.8 19.1 0.2

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