In non-seasonally adjusted terms, Japan’s exports dropped -19.2% yoy to JPY 5369B in July. The double digit slump extended into a fifth month. Imports dropped -22.3% yoy to JPY 5357B. Trade recorded JPY 11.6B surplus.
In seasonally adjusted terms, Japan’s export rose 4.7% mom in July, to JPY 5118B. Imports dropped -2.7% mom to JPY 5213B. Trade deficit narrowed to JPY -34.8B, better than expectation of JPY 44B.
Also released, core machinery orders dropped -7.6% mom in June, much worse than expectation of 2.1% rise.
