Japan's exports fall for the sixth month running
- Asian Market
- 3 months ago
Japan’s exports have fallen during the month of May according to data released by the country’s Finance Ministry.
Exports fell by 7.8% compared to a year ago, far worse than the 2.4% decline in April and slightly higher than the forecasted 7.7% figure.
The dismal figures come in following a month of back-and-forth between the global leaders, U.S. and China, both imposing tariffs on the other and affecting global markets.
Exports to the rest of Asia fell 12% during the month, led by a 10% drop-off in goods shipped to China, Finance Ministry data showed.
Also, to take in consideration was the 10-day long holiday in which the country celebrated its new emperor which itself halted trade activity.
Imports into Japan fell by 1.5% year on year in May, which was both lower than economists’ forecasts and the 6.4% growth seen in April.
May’s import and export numbers taken together saw Japan post a trade deficit of $8.9 billion, its largest since January 2018.
Japan’s economy defied expectations for a slowdown in the first quarter after GDP unexpectedly grew by an annualised 2.1% in the first quarter of 2019 despite the drag created by falling exports.
Source: Smart Trend Team