Japan Trade Balance July 2022


Japan: Merchandise exports rise at a milder pace in July

August 17, 2022

Yen-denominated merchandise exports soared 19.0% on an annual basis in July (June: +19.3% year-on-year). Meanwhile, merchandise imports shot up 47.2% over the same month last year in July (June: +46.1% yoy).

As a result, the merchandise trade balance remained unchanged from the previous month, recording a JPY 1.4 trillion deficit in July (June 2022: JPY 1.4 trillion deficit; July 2021: JPY 0.4 trillion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a JPY 12.3 trillion deficit in July, compared to the JPY 10.4 billion deficit in June.

Analysts at Nomura commented:

“The July trade statistics confirm that supply constraints affecting transportation equipment continue to ease. July exports appear to have been slightly stronger than we had expected. However, concerns are growing about economic slowdown in the US, EU, and China. We will be watching whether signs of a slowdown emerge more clearly from August.”

Our panelists forecast that exports will increase 2.0% in 2022 and imports will increase 10.7%, bringing the trade balance to a deficit of USD 49.4 billion. In 2023, our panelists expect exports to expand 2.3% and imports to contract 1.5%, prompting the trade balance to log a deficit of USD 19.6 billion.


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Japan Trade Balance Chart

Japan Trade12m July 2022

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Ministry of Finance and FocusEconomics calculations.

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