JEQ - Japan logs its first trade surplus in almost two years in June
2023-07-20 00:54:07 ET
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Japan's trade balance unexpectedly shifted to a surplus of ¥43.05 billion in June 2023 from a deficit of ¥1,374.99 billion in the same period of the prior year, beating market estimates of a gap of ¥46.7 billion.
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It was the first trade surplus after shortfalls in the previous 22 months, as exports rose while imports fell.
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Exports from Japan grew by 1.5% y/y to ¥8,744.06 billion in June 2023, compared with market forecasts of a 2.2% rise after a 0.6% gain in the prior month. This was the 28th straight month of growth in shipments, amid sustained foreign demand.
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Meantime, imports to Japan dropped by 12.9% y/y to ¥8,701.01 billion in June 2023, compared with market consensus of an 11.3% fall and a 9.8% decrease in April. This was the third month of decline and the steepest pace since September 2020.
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Japan logs its first trade surplus in almost two years in June