Japan Records Trade Surplus Amid Recession for 3 Consecutive Months

Imports Decrease More Sharply Than Exports
Trade Surplus of 7.3162 Trillion Won Recorded in September

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Japan recorded a "recession-type" trade surplus in September, with imports decreasing more sharply than exports.

On the 19th, Japan's Ministry of Finance announced that exports in September fell 4.9% year-on-year to 6.0551 trillion yen, while imports dropped 17.2% to 5.3801 trillion yen, resulting in a trade surplus of 675 billion yen (approximately 7.3162 trillion KRW).

Japan has maintained a trade surplus for three consecutive months since July.

However, exports have been declining for 22 consecutive months, and imports for 17 consecutive months.

From April, when the impact of the novel coronavirus infection (COVID-19) became significant, exports over six months decreased by 19.2% to 30.9114 trillion yen, and imports fell by 18.1% to 32.0262 trillion yen, resulting in a deficit of 1.1148 trillion yen (approximately 12.0816 trillion KRW).

In trade with Korea, exports in September decreased by 1.1% to 398.7 billion yen, and imports dropped by 8.4% to 230.2 billion yen, generating a surplus of 168.6 billion yen (approximately 1.8272 trillion KRW), which is 10.9% higher than the same period last year.

Exports of food products, including beer, to Korea increased by 49.3% to 2.6 billion yen.

In the food sector, Japan recorded a trade deficit of 17.6 billion yen against Korea.

Imports from Korea totaled 20.2 billion yen, down 6.5% overall, with significant increases in meat (116.7%↑), grains (40.2%↑), and fruits (49.0%↑), while seafood, which accounts for a large share, decreased by 10.3%.

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