MNI DATA IMPACT: Japan Jul Exports -1.6% Y/Y; Imports -1.2% YY

     TOKYO (MNI) - Japan's exports and imports both saw declines decelerate in

July, data released Monday by the Ministry of Finance showed.

     The key points from the data:

     --Japan's exports fell 1.6% y/y in July, much improved from a previous 6.7%

y/y fall, although still marking the eighth straight monthly fall. The decrease

met MNI's median of economist forecasts which also projected 1.6% y/y drop.

     --Imports dropped 1.2% y/y in July, edging up from the 5.2% y/y drop

recorded in June. MNI's survey has forecasted the median of -0.6% y/y. 

     --With imports outpacing exports in value terms, July's trade balance

showed a deficit of Y249.6 billion, compared with the Y589.5 surplus reported in

June. The balance came in larger the MNI median deficit expectation of Y220.0

billion.

     --Exports to the European Union and the US increased 2.2% and 8.4%

respectively, compared with last month's -6.7% and 4.8%. Exports to China fell

9.3% y/y, following the 10.1% plunge in June.  

     --Imports from both China and the US bounced back by 2.8% and 3.5%

respectively, compared with the decrease of 5.3% and 2.5% last month. Imports

from the EU dipped further -- down by 4.3% from June's 3.7% fall.

--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email: flora.guo@marketnews.com

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

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