Japan trade balance came to a deficit of 994 billion yen in May as the boost to exporters from a weaker yen was overshadowed by high energy import cost.
Japanese exports rose 10.1 percent yoy to 5768 billion yen in May, the fastest pace since December of 2010. Yet, index of export volumes decreased for the 12th consecutive month, by 4.8 percent pointing that recovery was driven by the weakening of the yen.
Exports to China grew by 8.3 percent yoy to 1046 billion yen, while exports to all of Asia rose 11.1 percent. Exports to the United States rose 16.3 percent to 1041 billion yen, while exports to the debt-ridden European Union declined 4.9 percent to 529 billion yen.
Japanese imports rose 10 percent yoy to 6762 billion yen, up for a sevent consecutive month as yen depreciation is making foreign products more expansive.
Imports from Asia grew 9.1 percent yoy to 2981 billion yen. Imports from China alone gained 14.6 percent to 1456 billion yen. Imports from the United States rose 10.2 percent to 614 billion yen, from the European Union 3.8 percent to 618 billion yen and from Middle East 11.5 percent to 1231 billion yen.
6/19/2013 12:29:39 PM