–Imports Rebound on Higher Crude Oil Prices, Purchases of Aircraft, Computers
–Exports to China Post 5th Straight Y/Y Rise, Picking Up from Last Year’s Slump
–Exports to US Remain Robust; Those to EU Mark 1st Drop in 5 Months
By Max Sato
(MaceNews) –Japanese export values rose 8.3% on year in April for the fifth straight increase, led by solid global demand for automobiles and Asian purchases of semiconductors while export volumes continued falling, data released Wednesday by the Ministry of Finance showed. The pace of increase was slower than the consensus forecast of a 11.1% gain but accelerated from the 7.3% rise in March.
Import values rebounded 8.3% (consensus was an 8.8% rise) after falling a downwardly revised 5.1% in March and posting the first year-over-year increase in 11 months with a slight 0.6% rise in February. The increase was led by higher prices and volumes of crude oil as well as purchases of aircraft and computers.
The trade balance recorded a ¥462.5 billion deficit (versus the median forecast of a ¥295.9 billion deficit) after showing a revised ¥387.0 billion surplus in March and a ¥383.0 billion deficit in February. It is wider than a ¥429.8 billion deficit in April 2023 but narrower than a record shortfall of ¥3,506.43 billion (¥3.51 trillion) hit in January 2023.
Shipments to China, a key export market for Japanese goods, posted their fifth straight increase after a year-long decline through November last year amid a gradual recovery in the world’s second-largest economy. Japanese exports to the European Union showed the first drop in five months but exports to the U.S. remained robust, up for the 31st straight month, after hitting a record high amount in December 2023.
Other details from the MOF’s Trade Statistics:
* Exports to China, one of the top export destinations for Japanese goods, rose 9.6% on year in April after rising 12.6% in March (partly in reaction to a 7.7% drop in March 2023). The increase was led by shipments of semiconductor-producing equipment, automobiles and plastics, as seen in recent months.
* Japanese exports to Asia as a whole also rose for the fifth consecutive month, up 9.7% in April, after rising 6.6% in March. The increase was led by solid demand for semiconductor-producing equipment, semiconductors and automobiles.
* Exports to the U.S., which have exceeded those to China since October 2022, recorded their 31st straight year-over-year rise, up 8.8% in April, after rising 8.5% in March and soaring 20.2% to a record high of ¥2.08 trillion in December 2023. The increase was led by automobiles and auto parts as well as pumps/centrifuges.
* Shipments to the European Union fell 2.0% in April for first drop in five months after rising 3.0% in Mach. Demand for automobiles and iron/steel was solid but there were sharp drops in ships, chip-making equipment and metal processing machines.