–Japan Apr Trade Deficit Y520.3 Bln; MNI Fcast -Y472.6 Bln
— Japan Apr Exports +7.9% Y/Y; MNI Median Forecast +12.7%
— Japan Apr Exports Post 2nd Straight Y/Y Rise
— Japan Apr Imports +8.0% Y/Y; MNI Median Forecast +10.9%
— Japan Apr Imports Post 28th Y/Y Rise In Row
— Japan Apr Exports to Asia -2.6% Y/Y, 1st Drop in 2 Months
— Japan Apr Exports To China -7.1% Y/Y, 7th Drop In Row
— Japan Apr Exports To US +42.9% Y/Y, 6th Rise In Row
— Japan Apr Exports To EU -1.9% Y/Y, 7th Drop In Row
TOKYO (MNI) – Japan’s April exports marked a recovery from the 2011
earthquake disaster but the pace of growth came in slower than expected
as the slowdown in China and Europe partly offset robust demand from the
U.S., data from the Ministry of Finance showed Wednesday.
Shipments to the world rose 7.9% to Y5.57 trillion in April from a
year earlier, posting the second straight y/y rise after +5.9% in March,
but it was sharply below the median forecast for a 12.7% rise in a MNI
survey of economists.
The 7.9% rise was the highest gain since +9.0% in February 2011,
however.
Economists had expected a sharper rise in global shipments last
month in reaction to the 12.4% slump in exports in April 2011, when
carmakers and electronics firms suffered a major supply chain breakdown
caused by the disaster.
In 2011, exports continued to show year-on-year drops of -10.3% in
May, -1.6% in June and -3.3% in July before marking a 2.3% rise in
August.
In April this year, automobile exports surged 219.7% from a year
earlier, accelerating from +44.7% in March, while exports of iron and
steel fell 12.7% after dipping 3.5% in the previous month.
Despite the rebound in exports, Japan posted a trade deficit of
Y520.3 billion last month, compared a year earlier shortfall of 477.7
billion, hit by continued high costs of energy imports.
The April trade figure came in worse than the median forecast by
economists in a MNI survey for a deficit of Y472.6 Billion.
Japanese imports rose 8.0% y/y to Y6.09 trillion for the 28th
consecutive rise on continued high demand for crude oil and liquefied
natural gas used for thermal power generation, which is making up for
the total shutdown of 50 nuclear power plants in Japan.
The pace of increase was below the median forecast by economists in
a MNI survey for a 10.9% rise.
In April, imported crude oil prices averaged $127.0 a barrel, up
13.5% on year. The pace of growth decelerated from rises of 17.7% in
March and 21.2% in February.
Exports to Asia, the largest market for Japanese goods, fell 2.6%
to Y3.02 trillion last month, the first fall in two months, as exports
to China declined 7.1% to Y995.4 billion last month, the seventh
consecutive y/y drop.
Auto exports to China rose from a year earlier but demand for
engines as well as iron and steel slumped.
Alarmed by the recent slowdown in the growth pace, the People’s
Bank of China slashed the reserve requirement rate on May 12, the third
monetary easing after the central bank lowered the policy rate in
December 2011 for the first time in three years.
Exports to the U.S. surged 42.9% to Y958.9 billion in April for a
sixth straight y/y rise on the back of a rebound in shipments of
automobiles and engines.
Meanwhile, exports to the European Union fell 1.9% to Y583.2
billion in April for a seventh straight year-on-year fall, hit by slower
demand for semiconductors. Shipments of automobiles and construction
machinery posted a rebound.
tokyo@marketnews.com
** MNI Tokyo Newsroom: 81-3-5403-4835 **
[TOPICS: M$J$$$,M$A$$$,MAJDS$,MT$$$$]
