Japan’s trade balance fell to -¥637.8 billion in May, down from -¥115.6 billion in April, slightly better than the projection of a -¥893 billion deficit.
- Exports saw another sharp decline, dropping -11.2% MoM and -1.7% YoY (vs -3.8% YoY expected) in May after falling -7.0% YoY in April.
- Imports continued to fall as well, dropping -5.4% MoM and -7.7% YoY (vs -6.7% YoY expected).
- Exports to the US fell -5.6% MoM in April and dropped -14.5% MoM again in May, now down -11.1% YoY.
- Imports from the US dropped -3.8% MoM in April but then rebounded 7.3% MoM in May. On an annual basis, imports are down -13.5% YoY.