April Exports Down 22% YoY in Japan... Largest Drop in 10 Years and 6 Months

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Japan's export value in April fell at the largest rate in over 10 years due to the spread of the novel coronavirus infection (COVID-19).

According to trade statistics released by the Japanese Ministry of Finance on the 21st, April exports decreased by 21.9% compared to the same month last year, amounting to 5.2023 trillion yen, while imports fell by 7.2% to 6.1327 trillion yen.

The trade balance, calculated by subtracting imports from exports, recorded a deficit of 930.4 billion yen (approximately 10.0606 trillion won). As a result, Japan's trade deficit occurred for the first time in three months.

Both exports and imports in Japan have decreased, leading to a reduction in the overall trade volume. Exports have declined for 17 consecutive months, and imports for 12 consecutive months.

The Ministry of Finance announced that the decline in exports in April was the largest monthly drop in 10 years and 6 months.

By major regions, exports to the United States decreased by 37.8% to 879.8 billion yen, and exports to China fell by 4.1% to 1.1822 trillion yen. In trade with Korea, exports decreased by 10.6% to 412.2 billion yen, and imports dropped by 8.8% to 246.3 billion yen.

In April this year, Japan recorded a trade surplus of 165.9 billion yen (approximately 1.9 trillion won) against Korea. By export item to Korea, food exports including beer decreased by 54.2% to 2.136 billion yen. Automobile exports amounted to 1,293 units and 3.783 billion yen, showing a decrease of 50.3% in quantity and 49.6% in value compared to the same period last year.

This content was produced with the assistance of AI translation services.