Japan's trade surplus narrowed to JPY 589 billion in June 2019 from JPY 728 billion in the same month a year earlier and compared to market expectations of a JPY 420 billion surplus. Exports declined for a seventh straight month while imports fell for the second month in a row. Balance of Trade in Japan averaged 354.67 JPY Billion from 1963 until 2019, reaching an all time high of 1608.67 JPY Billion in September of 2007 and a record low of -2795.12 JPY Billion in January of 2014.

Balance of Trade in Japan is expected to be 510.00 JPY Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Japan to stand at 700.00 in 12 months time. In the long-term, the Japan Balance of Trade is projected to trend around 1010.00 JPY Billion in 2020, according to our econometric models.

Japan Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-04-16 11:50 PM Balance of Trade Mar ¥529B ¥335B ¥372.2B ¥250B
2019-05-21 11:50 PM Balance of Trade Apr ¥60.4B ¥527.8B ¥203.2B ¥272B
2019-06-18 11:50 PM Balance of Trade May ¥-967.1B ¥56.8B ¥-979.2B ¥-851B
2019-07-17 11:50 PM Balance of Trade Jun ¥589.5B ¥-968.3B ¥420B ¥510B
2019-08-18 11:50 PM Balance of Trade Jul ¥589.5B ¥-320B
2019-09-17 11:50 PM Balance of Trade Aug ¥-430B
2019-10-20 11:50 PM Balance of Trade Sep ¥ 30B



Japan Trade Surplus Shrinks as Exports Fall Further

Japan's trade surplus narrowed to JPY 589 billion in June 2019 from JPY 728 billion in the same month a year earlier and compared to market expectations of a JPY 420 billion surplus. Exports declined for a seventh straight month while imports fell for the second month in a row.

Exports fell 6.7 percent from a year earlier to JPY 6.58 trillion, compared to market consensus of a 5.6 percent drop and May's 7.8 percent fall. It was the seventh straight month of declines in shipments, amid weakening global demand and the US-China trade dispute. Machinery sales plunged 8.0 percent (20 percent of total exports), mainly dragged by a 22.2 percent drop in metalworking machinery and a 7.7 percent slump in power generating machine. Declines were also observed in transport equipment (-7.6 percent) due to motor vehicles (-0.7 percent) and parts (-14.1 percent); electrical machinery (-9.3 percent) on the back of semiconductors (-7.9 percent) electrical apparatus (-11.9 percent) and electrical measuring (-12.6 percent); and manufactured goods (-8.6 percent) such as iron and steel products (-11.6 percent) and nonferrous metals (-11.8 percent). In contrast, exports of chemicals rose 1.5 percent. 

Among main trade partners, exports fell mainly to China (-10.1 percent), Hong Kong (-4.3 percent), South Korea (-14.8 percent), Singapore (-7-9 percent), Australia (-18.7 percent), the EU (-6.7 percent), and the Middle East (-16.4 percent). Still, sales to the US climbed 4.8 percent.

Imports declined 5.2 percent to JPY 6.00 trillion, compared to market expectations of a 0.4 percent decline and following a 1.5 percent drop in the previous month. Purchases were mainly lower for: foodstuff (-2.8 percent); raw materials (-10.8 percent); manufactured goods (-11 percent), such as nonferrous metals (-20.1 percent) and iron and steel products (-16.4 percent); mineral fuels (-4.1 percent), dragged by LNG (-11.7 percent) and petroleum products (-13.1 percent); machinery (-6.0 percent); electrical machinery (-3.3 percent); and transport equipment (-3.0 percent). 

Among main trade partners, imports dropped from China (-5.3 percent), South Korea (-13.6 percent), Australia (-4.1 percent), the US (-2.5 percent), the EU (-3.7 percent), and the Middle East (-6 percent).


Ministry of Finance | Mario | mario@tradingeconomics.com
7/18/2019 11:59:19 AM



Japan Trade Last Previous Highest Lowest Unit
Balance of Trade 589.46 -968.30 1608.67 -2795.12 JPY Billion [+]
Current Account 1594.84 1707.39 3360.40 -1456.11 JPY Billion [+]
Current Account to GDP 3.50 4.00 4.70 -1.00 percent [+]
Imports 5995.04 6803.64 8047.03 162.06 JPY Billion [+]
Exports 6584.51 5835.34 7681.69 105.08 JPY Billion [+]
External Debt 462696.00 442747.00 462696.00 141743.00 JPY Billion [+]
Terms of Trade 97.70 96.80 276.10 83.10 Index Points [+]
Foreign Direct Investment 8221.52 17484.94 70854.65 -3825.00 JPY Hundred Million [+]
Capital Flows 32149.00 -12709.00 51996.00 -26928.00 JPY HML [+]
Tourism Revenues 23084000.00 28213000.00 28213000.00 821000.00 JPY Thousand [+]
Tourist Arrivals 2880000.00 2773100.00 2926700.00 225806.00 [+]
Gold Reserves 765.20 765.20 765.22 753.54 Tonnes [+]
Terrorism Index 2.93 3.60 3.60 0.00 [+]
Crude Oil Production 3.00 3.00 13.00 3.00 BBL/D/1K [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



Japan Balance of Trade

Between 1980 and 2010 Japan had been recording trade surpluses every year due to rising exports. Since the Fukushima nuclear disaster in March 2011, trade balance swing to deficit as the country had to increase purchases of fossil fuels and gas in the wake of weaker yen. The surplus was back in 2016 and 2017. Japan reports the biggest trade surpluses with United States, Hong Kong, South Korea, Taiwan, Singapore and Netherlands. The biggest trade deficits are recorded with: China, Australia, Saudi Arabia, United Arab Emirates, Russia, Malaysia and Indonesia. This page provides - Japan Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Japan Balance of Trade - actual data, historical chart and calendar of releases - was last updated on July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
589.46 -968.30 1608.67 -2795.12 1963 - 2019 JPY Billion Monthly
Current Prices, NSA




Country Last Previous
Argentina 1373.00 May/19
Australia 5745.00 May/19
Brazil 5020.00 Jun/19
Canada 762.30 May/19
China 509.76 Jun/19
Euro Area 23033.60 May/19
France -3278.00 May/19
Germany 20600.00 May/19
India -15280.00 Jun/19
Indonesia 196.00 Jun/19
Italy 5347.00 May/19
Japan 589.46 Jun/19
Mexico 1030.71 May/19
Netherlands 5579.00 May/19
Russia 11823.00 May/19
Saudi Arabia 131636.00 Mar/19
Singapore 2447.29 Jun/19
South Africa 1737.21 May/19
South Korea 4168.00 Jun/19
Spain -1605300.00 Apr/19
Switzerland 3251.00 Jun/19
Turkey -1837.83 May/19
United Kingdom -2324.00 May/19
United States -55520.00 May/19


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