Japan’s exports dropped -4.2% yoy to JPY 6.11T. Imports dropped -11.1% yoy to JPY 5.75T. Trade surplus came in at JPY 367B. In seasonally adjusted terms, Trade surplus widened to JPY 0.57T, slightly above expectation of JPY 0.55T.
The data marked the 24th straight month of year-over year decline in exports, longest streak on record since 1979. By destination, exports to the US contracted for the first time in three months, by -2.5% yoy. Exports to China rose 3.8% yoy, slowest pace in five months. Exports to Asia also dropped for the first time in two months, by -4.3% yoy. Exports to EU dropped -2.6% yoy.
