Japan trade balance for August Y -635.4bn , much larger deficit than expected
expected Y -47.7bn, prior Y 439.4bn
Trade balance adjusted Y -271.8bn
prior Y 52.7bn
Exports +26.2% y/y , much lower than expected
expected 34.0% y/y, prior 37.0%
+0.8% m/m
Imports +44.7% y/y , higher than expected
expected 40.0% y/y, prior 28.5%
+4.6% m/m
More:
- exports to the US +22.8% y/y
- & to China +12.6% y/y
Some encouragement can be taken from the beat in imports, although not so much from the miss in exports.
Little change for yen.
More (via Reuters report):
- Exports sixth straight month of double-digit growth as strong demand for chip-making equipment offset slowing U.S. and E.U.-bound shipments of cars
- "The semiconductor issue had quite a big impact, which weighed on car exports a lot," said Takeshi Minami, chief economist at Norinchukin Research Institute. "I think it's likely to impact exports at least until the year-end as bottlenecks in parts supply in Southeast Asia continue."
