Japan’s exports rose 16.1% yoy in March to JPY 7378B, as led by exports of autos, plastics and non-ferrous metals. That’s the first double-digit annual growth in more than three years. Though, the growth rate was skewed by the low base effect due to the pandemic. Exports to China was up 37.2% yoy, to US up 4.9% yoy, to EU up 12.8% yoy. Imports rose 5.7% yoy to 6714B. Trade surplus came in at JPY 663.7B.
In seasonally adjusted term, exports rose 4.3% mom to JPY 6524B. Imports dropped -0.7% mom to 6226B. Trade balance turned to JPY 298B surplus.
