Market Updates
Japan Exports Declined After China's Seafood Ban Adds to Trade Deficit
Brian Turner
21 Sep, 2023
New York City
The latest decline in exports was driven by a fall in food exports after its largest trading partner China impose ban on Japanese seafood in late August.
Japan's imports declined for the fifth month in a row and fell at the fastest pace after energy cost declined.
Japan's imports declined 17.8% from a year ago to ¥8,924.82 billion in August following a 13.6% decline in July, data from Finance Ministry showed today.
Imports from China declined by 12.1%, the U.S. by 9.5%, Hong Kong by 20.8%, South Korea by 10.8%, Malaysia by 30.0%, India by 9.4%, Australia by 41.6%, and Russia by 62.5%, but increased from Germany by 7.9%.
Japan's exports decreased for the second month in a row in August, largely because of weak demand from China.
Exports decreased 0.8% from a year ago to ¥7,994.35 billion.
Exports declined to China by 11.0%, Taiwan by 14.3%, South Korea by 10.8%, Singapore by 24.6%, Australia by 10.6%, and Russia by 57.6% but increased to the U.S. by 5.1%, India by 16.2%, and the EU by 12.7%.
Japan reported trade deficit of ¥930.48 billion in August, second monthly deficit in a row, and the shortfall jumped from ¥66.3 billion in July, despite rising automobile exports to the U.S.
Japan has recorded monthly trade deficit for two years in a row barring June 2023.
Japan's trade surplus with the U.S. surged 38.2% to ¥650.60 billion.
Exports increased 5.1% to record August-high of ¥1.62 trillion but imports decreased 9.5% to ¥967.39 billion.
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