Market Updates
Price Increases Drive Japan's Exports Higher In March
Akira Ito
17 Apr, 2024
Tokyo
Japan's exports rose for the fourth month in a row in March, reflecting higher prices and flat volumes.
Exports in March rose 7.3% to 9.46 trillion yen, or $61 billion, and imports declined 4.9% to 9.1 trillion yen, or $58.8 billion, the Ministry of Finance reported Wednesday.
The trade balance swung to a surplus of 366.5 billion yen or $2.3 billion, compared to a deficit of 750.8 billion yen in the same month a year ago.
The international trade balance was positive for the first time in three months.
Exports of vehicles rose 7.1%, and electronic parts and semiconductors advanced 11.3%.
The falling prices of energy imports played a key role in lowering overall imports in the month.
Imports of coal plunged by 35% and liquefied natural gas by 9.5%.
The international trade picture becomes cloudier when viewed by volume measure; overall exports eased 2.1% and overall imports declined 9.4%.
Rising prices drove exports, but overall export volume fell, driven by a decline in shipments to Asia and the European Union.
China exports rose 12.6% to 1.74 billion yen, but only 0.9% in volume terms.
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