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Financial News: Japan Trade Deficit Narrows To Y833.388 Billion In

Japan Trade Deficit Narrows To Y833.388 Billion In May

06/16/2020 - 20:22:00 (RTTNews)

(RTTNews) - Japan posted a merchandise trade deficit of 833.388 billion yen in May, the Ministry of Finance said on Wednesday - down 13.7 percent on year.

That beat forecasts for a shortfall of 970.8 billion yen following the 930 billion yen deficit in April.

Exports were down 28.3 percent on year to 4.184 trillion yen, badly missing expectations for a decline of 17.9 percent following the 21.9 percent drop in the previous month.

Exports to the rest of Asia dropped 12.0 percent on year to 2.744 trillion yen, while exports to China alone fell 1.9 percent to 1.126 trillion yen.

Exports to the United States plummeted 50.6 percent to 588.415 billion yen and exports to the European Union tumbled 33.8 percent to 363.839 billion yen.

Imports tumbled an annual 26.2 percent to 5.018 trillion yen versus expectations for a fall of 15 percent after sinking 7.2 percent a month earlier.

Imports from the rest of Asia dropped 11.8 percent on year to 2.739 trillion yen, while imports from just China sank 2.0 percent to 1.511 billion yen.

Imports from the United States dropped 27.5 percent to 578.159 billion yen and imports from the European Union sank an annual 29.6 percent to 575.168 billion yen.

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