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Export Growth Beats, But Still At Slowest Pace Since Early 2021

JAPAN DATA

Japan May trade figures were reasonably close to expectations in terms of the aggregate figures. The trade deficit was -¥1372.5bn, slightly wider than forecast -¥1286.8bn. In adjusted terms we were slightly better than expected (-¥777.8bn, versus a -¥860bn forecast). Export growth was better than forecast, +0.6% y/y, (-1.2% consensus), but it still showed slowing momentum in y/y terms. We are now back to early 2021 levels from an export growth standpoint.

  • By country/region, export growth held up better for the US +9.4% y/y and the EU+16.6% y/y, but was negative for China -3.4% y/y, and Asia (-8.1%).
  • Import growth was close to expected at -9.9% y/y (forecast -10.3%).
  • Other data out showed core machine orders up 5.5% m/m for Apr, better than projected (3.0%), but the y/y pace was still comfortably negative, -5.9% y/y.
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