Japan May Trade Deficit Y967.1 Billion

Japan posted a merchandise trade deficit of 967.1 billion yen in May, the Ministry of Finance said on Wednesday - up 67.5 percent on year.

That exceeded expectations for a shortfall of 1,207.0 billion yen following the 110.9 billion yen deficit in April.

Exports were down 7.8 percent on year to 5.835 trillion yen, also beating forecasts for a drop of 8.4 percent following the 2.4 percent decline in the previous month.

Exports to Asia were down 12.1 percent on year to 3.120 trillion yen, while exports to China alone fell 9.7 percent to 1.148 trillion yen.

Exports to the United States rose an annual 3.3 percent, while exports to the European Union sank 7.1 percent to 647.475 billion yen.

Imports sank an annual 1.5 percent to 6.802 trillion yen versus expectations for an increase of 1.0 percent after soaring 6.5 percent a month earlier.

Imports from Asia fell 3.3 percent on year to 3.100 trillion yen, while imports from China alone eased 0.9 percent to 1.540 trillion yen.

Imports from the United States dipped an annual 1.6 percent to 792.795 billion yen, while imports from the European Union climbed 8.7 percent to 898.979 billion yen.

News are provided by InstaForex