Japan Trade Balance


Japan: Trade balance records deficit for 15th consecutive month

October 21, 2013

In September, nominal yen exports rose 11.5% over the same month last year, undershooting the 14.6% increase recorded in August. The increase fell short of the 15.6% rise that market analysts had expected. In the 12 months up to September, exports were 3.8% above the level recorded in the same period last year (August: +1.9% year-on-year) and now sit at the highest point in over two years.

Imports increased 16.5% in annual terms in September, following the 16.0% rise tallied in August. The print did, however, undershoot market expectations of a 20.0% expansion.

The trade balance registered a JPY 932 billion deficit (USD 9.5 billion) in September. The print represents a deterioration over the JPY 568 billion shortfall observed in the same month last year and marks the 15th consecutive month of trade deficit. Accordingly, the trailing 12-month sum of the trade deficit widened from JPY 9.6 trillion in August to JPY 9.9 trillion in August, marking yet another record high.

Author: Ricard Torné, Head of Economic Research

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