Japan: Exports swing into contraction in February
Yen-denominated merchandise exports fell 4.5% in annual terms in February, contrasting January’s 6.4% jump. Meanwhile, imports climbed 11.8% on an annual basis in February (January: -9.5% yoy), marking the best result since November 2018.
As a result, the merchandise trade balance rose to a JPY 0.2 trillion surplus in February, contrasting the JPY 0.3 trillion deficit from the prior month (January 2020: JPY 1.1 trillion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 0.8 trillion surplus in February, compared to the JPY 1.7 trillion surplus in January.