MNI DATA IMPACT: Japan May Exports Dip Further, Imports Tumble

     TOKYO (MNI) - Japan's export and import performance registered sharp falls

in May due the global pandemic disruptions and the economic slowdown, according

to data released by the Ministry of Finance on Wednesday.

     The key points from the data:

     --Japan's exports declined 28.3% y/y in May in the 18th consecutive fall,

faster than the previous 21.9% y/y drop in April. The decrease was lower than

the MNI median forecast, which projected -27.0% y/y.

     --Imports reported a 26.2% y/y decrease in May, following a 7.2% y/y drop

in April, marking the 13th consecutive monthly fall. MNI's survey pointed to a

decrease of 22.1% y/y. 

     --May's trade balance was a deficit of Y833.4 billion after last month's

Y930.4 billion deficit. MNI had projected a Y950.0 billion deficit.

     --Exports to the United States and the European Union dropped 50.6% y/y and

33.8% y/y respectively, sharply lower than last month's -37.8% y/y and -28.0%

y/y. Exports to China fell 1.9% y/y, slower than the decline of 4.1% y/y

recorded in the previous month. 

     --Imports from the United States and the European Union registered falls of

27.5% y/y and 29.6% y/y respectively, well down from previous 1.6% y/y gain and

6.8% y/y fall. Imports from China fell 2.0% y/y after rising 11.7% y/y in April.

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

--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com

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