DXJ - Japan logs trade gap for 20th month for March export growth slows
2023-04-20 00:57:33 ET
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Japan's trade deficit increased to ¥754.7 billion in March 2023 from ¥464.9 billion in the same month a year earlier, compared with market consensus of a gap of ¥1,294.8 billion.
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This was the 20th straight month of a trade shortfall, the longest stretch since 2015.
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Imports rose by 7.3% yoy, the 26th consecutive month of growth but the slowest pace since March 2021, to ¥9,578.8 billion. Meantime, exports grew at a softer of 4.3%, the 25th successive month of rise but the softest rate since a fall in February 2021, to ¥7,654.7 billion.
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Considering the first three months of the year, the trade shortfall was at ¥5,151.2 billion, widening from ¥3,375.9 billion in the same period of 2022.
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Last year, Japan posted a trade deficit of ¥19,971.3 billion, the second straight annual deficit and the biggest since 1979, driven by a surge in imports amid high commodity prices and the slump in yen.
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"Chinese consumption lacks strength even after zero-COVID curbs were lifted," said Takeshi Minami, chief economist at Norinchukin Research Institute.
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Japan logs trade gap for 20th month for March, export growth slows