Japan's June Trade Balance Turns Surplus... "Impact of Global Trade Rebound"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Suhwan] According to the preliminary trade statistics released by Japan's Ministry of Finance on the 21st, Japan's trade balance in June recorded a surplus of 383.2 billion yen (approximately 4 trillion won), turning back to a surplus after recording a deficit in May.

However, this fell short of the market forecast of a 460 billion yen surplus.

The background for the trade balance turning to a surplus is analyzed to be influenced by a 50% increase in export value.

Exports increased by 48.6% compared to the same month last year, surpassing the market forecast of a 46.2% increase.

Compared to the previous month, it rose by about 2.4%.

Specifically, exports to the United States increased by 85.5%, exports to the European Union (EU) rose by about 51.1%, and exports to China also increased by 27.7%.

Earlier, in May, exports had also increased by 49.6% compared to the same period last year. This means the export growth rate has approached 50% for two consecutive months.

Imports increased by 32.7% compared to the same period last year, exceeding the forecasted 29% increase.

Experts analyzed that the global economic rebound centered on Western countries has driven Japan's export growth.

One economist said in an interview with Bloomberg News, "Japan's exports in July are also expected to maintain pre-COVID-19 pandemic levels," adding, "The recovery in consumption in the United States and European countries is offsetting the decline in Japan's exports to Asian countries."

However, Bloomberg News reported that the global spread of the Delta variant virus and the growing fear it causes could pose risks to Japan's trade balance.

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