Japan’s exports dropped for the first time in more than two years as patchy overseas demand weakened, signaling headwinds for an economic recovery that has relied increasingly on external markets as domestic spending sputters. The value of exports fell 0.3 percent in July from a year earlier, retreating for the…
Japan’s exports dropped for the first time in more than two years as patchy overseas demand weakened, signaling headwinds for an economic recovery that has relied increasingly on external markets as domestic spending sputters.
The trade balance slipped back into the red, with a deficit of 78.7 billion yen after a 43 billion yen surplus in the previous month. Economists had expected the surplus to widen to 47.9 billion yen. Exports data continued to highlight uneven economic conditions overseas. Shipments to the US rose by 13.5 percent from a year ago, a slightly faster pace than in the previous month, and those to Europe increased by 12.4 percent. Meanwhile, exports to China, Japan’s biggest trading partner, slid by 13.4 percent, the largest drop since January, with shipments of cars and chips and chip components dipping at double-digit clips.
It’s unclear if that demand will be sustained. Leading economic indicators in the US and Europe have shown signs of slowing, partly due to continued interest rate hikes. By product, exports of mineral fuel fell by 60 percent, the biggest drag, while shipments of chips and chip manufacturing equipment declined by 27 percent.
The yen’s retreat to the weakest since November is offsetting some of that impact by pushing up the costs of imported goods. For Thursday’s trade data, the average exchange rate was 142.32 yen against the dollar, as Japan’s currency weakened by 4.6 percent compared with a year earlier.
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