Japan’s exports in May fell 1.7 per cent from the same month last year to a four-month low of 8.135 trillion yen ($56.1 billion), the country’s Finance Ministry said in a report.
The drop in exports marked the first time since September last year.
The volume of Japanese imports last month fell by the maximum 7.7 per cent year-on-year since January 2024, to a three-month low of 8.773 trillion yen.
Experts on average had forecast a 3.8 per cent decline in exports in May and a 6.7 per cent drop in imports, according to Trading Economics.
Japan’s trade deficit stood at 637.61 billion yen last month, up from 1.225 trillion yen a year earlier. A deficit of 115.6bn yen was recorded in April.
Exports to the US in May amid large-scale US duties decreased for the second month in a row – by 11.1%. In particular, shipments of automobiles, auto components and equipment for chip production decreased.
Supplies to China fell by 8.8%. Exports to the European Union grew by 4.9%, to ASEAN countries – by 0.1%.
Imports from the US fell by 13.5 per cent, from ASEAN countries by 11.1 per cent, from China by 2.2 per cent and from Middle Eastern states by 18.5 per cent. Purchases from the EU countries increased by 7.5%.