Japan Has Y203.367 Billion Trade Deficit In May

Japan Has Y203.367 Billion Trade Deficit In May

Imports from all of Asia perked 14.4% on year to 2.925 trillion yen, while imports from China alone picked up 9.6% to 1.429 trillion yen.

Exports to the United States climbed 11.6% to 1.082 trillion yen, while exports to the European Union spiked 19.8% to 692.368 billion yen. That figure has captured attention after President Donald Trump named Japan as one of the nations contributing to the USA trade deficit.

Larger shipments of flat panels and semiconductor manufacturing equipment drove the gains in China-bound exports.

Exports rose 14.9 percent from a year earlier (estimate +16 percent), according to data released by the Ministry of Finance.

Imports are expected to rise 14.5 percent on year after gaining 15.1 percent in April.

Furious Trump blasts Comey sacking probe 'witch hunt'
But a source close to the President told CNN's Jim Acosta that Trump has been advised to avoid such a dramatic move. Trump has expressed increasing dissatisfaction with the Justice Department since Mueller's appointment.

Excluding oil imports, the data showed increasing demand for chemicals, electronic parts and raw materials used in Japanese factories.

In May, Japan often posts a deficit due to a stretch of holidays that limits exports, a finance ministry official said. In the first three months of 2017, the economy grew an annualized 1.0%, to extend Japan's growth streak to the longest in 11 years.

The Bank of Japan kept monetary policy steady on Friday and upgraded its assessment of private consumption for the first time in six months.

Takeshi Minami, chief Japan economist at Norinchukin Research Institute, said exports were solid.

Related Articles