Japan exports rose 12.5% yoy to JPY 8076B in April. Imports rose 28.2% yoy to JPY 8915B, a new record. Trade deficit came in at JPY 839B.
Trade with China shrank notably. China-bound shipments fell -5.9% yoy, the biggest drop since March 2020. Imports from China also fell -5.5% yoy, the most since September 2020. On the other hand, exports to the US jumped 17.8% yoy while imports rose 15.3% yoy.
In seasonally adjusted terms, exports rose 1.0% mom to JPY 7629B. Imports rose 7.9% mom to JPY 9248B. Trade deficit came in at JPY -1619B, larger than expectation of JPY -1520T.
