REPEAT: MNI 5 THINGS: Japan July Exports Slower, Trade Deficit

     TOKYO (MNI) - The growth in Japanese exports slowed further to 3.9% on year

in July from +6.7% in June and +8.1% in May, with auto shipments to the U.S.

down, but Asian demand for Japanese machines and electronics parts remained

strong, indicating the U.S.-China trade row hasn't had any direct impact on

Japan's economy, Ministry of Finance data showed Thursday.

     The key points from the trade statistics:

     * Japanese exports rose 3.9% on year in July, coming in weaker than the MNI

median economist forecast for a 6.6% rise. It was the 20th straight year-on-year

rise but the pace of increase decelerated from +6.7% in June.

     * The increase was led by higher shipments of mineral fuels, iron and steel

products as well as semiconductors. But shipments of ships and motor vehicles

fell on year.

     * Exports to the U.S. marked the second straight y/y drop while those to

the European Union posted the 18th straight year-on-year rise Exports to Asia

and China showed the fifth straight y/y gains.

     * Imports rose 14.6% on year in July, smaller than the MNI median forecast

of +15.2%. It was the fourth straight year-on-year rise after +2.6% in June, led

by purchases of crude oil, medical products and refined petroleum products.

     * The July trade balance came to a deficit of Y231.2 billion, wider than

the MNI median forecast for a Y70.0 billion deficit. It was the first deficit in

two months after a surplus of Y720.8 billion in June.

--MNI Tokyo Bureau; tel: +81 90-4670-5309; email: max.sato@marketnews.com