Japan: Recovery in export growth in Apr-Jun - Nomura

Sandeep Kanihama FXStreet Contributor

According to Japan’s Ministry of Finance trade statistics, nominal exports in June 2018 were up 6.7% y-y, below the consensus (Bloomberg survey median) forecast for a rise of 7.0%, and nominal imports were up 2.5%, below the consensus forecast for a rise of 5.3%, notes the research team at Nomura.

Key Quotes

“The trade surplus came to ¥721.4bn, above the market consensus forecast of ¥531.2bn, mainly due to the weakness of imports.”

“Using the BOJ’s export price index, we calculate that real exports in June 2018 were down 0.4% m-m. While this marks a second straight month of decline, real exports rose 5.4% m-m in April and rose 1.0% q-q for the Apr-Jun quarter overall, meaning that real export growth has recovered somewhat from the 0.3% q-q growth recorded in Jan-Mar.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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