In March, Japan’s exports rose 4.3% yoy to JPY 8824B, above expectation of 2.6% yoy. This marks the 25th consecutive month of growth, primarily driven by auto shipments to the United States.
By region, exports to the US increased by 9.4% yoy in March, slowing down from prior month’s 14.9% yoy growth. On the other hand, exports to China, Japan’s largest trading partner, declined by -7.7% yoy marking the fourth consecutive month of decline.
Imports rose 7.3% yoy to JPY 9579B, below expectation of 11.4% yoy. Consequently, Japan registered a trade deficit of JPY -755 billion.
In fiscal 2022 ended March, Japan recorded a record trade deficit of JPY -21.73T, surpassing prior record of JPY -13.76T registered in fiscal 2013. Imports rose 32.2% to JPY 120.95T while exports rose 15.5% to JPY 99.23T.