— Japan Aug Trade Deficit Y754.1 Bln; MNI Fcast -Y840 Bln
— Japan Aug Exports -5.8% Y/Y; MNI Median Forecast 7.7%
— Japan Aug Exports Post 3rd Straight Y/Y Drop
— Japan Aug Imports -5.4% Y/Y; MNI Median Forecast -6.2%
— Japan Aug Imports Post 1st Fall in 2 months
— Japan Aug Exports To Asia -6.7% Y/Y, 3rd Straight Fall
— Japan Aug Exports To China -9.9% Y/Y, 3rd Straight Fall
— Japan Aug Exports To US +10.3% Y/Y, 10th Straight Rise
— Japan Aug Exports To EU -22.9% Y/Y, 11th Straight Fall
TOKYO (MNI) – Japan’s global exports tumbled for a third straight
month in August amid growing uncertainties about overseas demand,
particularly from China and Europe, data from the Ministry of Finance
showed Thursday.
Japanese shipments to the world dropped 5.8% from a year earlier to
Y5.05 trillion in August, following a 8.1% fall in July.
The headline figure was slightly better than the median forecast
for a 7.7% fall in a MNI survey of economists.
In August, exports of general machinery, including mining
equipment, slumped 5.1% from a year earlier while shipments of
automobiles and other transportation equipment fell 2.2%.
As a result, Japan posted a trade deficit of Y754.13 billion last
month, marking a deficit for a second straight month, and compared with
a year earlier shortfall of Y777.46 billion.
The August trade balance came in better than the median forecast by
economists in a MNI survey for a deficit of Y840.0 billion.
Japanese imports fell 5.4% to Y5.80 trillion for the first fall in
two months, while beating the median forecast by economists in a MNI
survey for a 6.2% drop.
In August, imported crude oil prices averaged $103.0 a barrel, down
10.1% on year, following a 10.0% drop in July.
Exports to Asia, the largest market for Japanese goods, fell 6.7%
to Y2.84 trillion in August, a third straight year-on-year fall, as
exports to China tumbled 9.9% to Y966.3 billion last month, also a third
straight fall.
Exports to the U.S. rose 10.3% on year to Y886.9 billion in August
for a 10th straight increase, buoyed by solid demand for auto parts and
construction machinery.
Meanwhile, exports to the European Union tumbled 22.9% to Y477.9
billion in August for an 11th straight year-on-year fall, hit by
continued weak demand for automobiles.
Alarmed by the European sovereign debt crisis, uncertainties about
China’s economic recovery and the dampening effects of the strong yen on
exports, the Bank of Japan on Wednesday decided to ease credit further
by raising the target of its financial asset-buying program to Y80
trillion from Y70 trillion.
It followed the European Central Bank’s decision to buy more debt
issued by financial-troubled nations in the region and the Federal
Reserve Board’s move to increase purchases of private debt earlier this
month.
tokyo@marketnews.com
** MNI Tokyo Newsroom: 81-3-6860-4821 **
[TOPICS: M$J$$$,M$A$$$,MAJDS$,MT$$$$]
