Japan – Trade Balance, 2Q2014

by Eduardo Petazze
In May 2014 exports of goods fell by 2.7% Y/Y (-1.2% M/M) and imports (cif) by 3.6% Y/Y (-1.3% M/M)
The Ministry of Finance of Japan has released the trade balance data for the month of April 2014
Links:
May 2014, NSA – pdf, 26 pages
May 2014, SA – pdf, 1 page
Also see: Export Performance under Depreciation – JCER – pdf, 5 pages
The following is a summary

Customs data
Million
JPY
Exports
2010Q1 16,527,975
2010Q2 17,007,606
2010Q3 16,808,777
2010Q4 17,100,618
2011Q1 16,933,084
2011Q2 15,540,208
2011Q3 16,901,177
2011Q4 16,285,204
2012Q1 16,225,174
2012Q2 16,271,288
2012Q3 15,734,734
2012Q4 15,470,929
2013Q1 16,558,299
2013Q2 17,461,070
2013Q3 17,743,620
2013Q4 18,041,905
2014Q1 17,742,637
2014Q2 17,672,881
2014Q3 18,637,605
2014Q4 18,877,408
Last data
Own estimate
Million
JPY
Exports
2013/01
5,465,844
2013/02
5,485,793
2013/03
5,606,662
2013/04
5,650,871
2013/05
5,893,813
2013/06
5,916,386
2013/07
5,862,318
2013/08
5,952,830
2013/09
5,928,472
2013/10
5,991,264
2013/11
5,967,705
2013/12
6,082,936
2014/01
5,871,550
2014/02
6,023,301
2014/03
5,847,786
2014/04
5,850,603
2014/05
5,779,461
2014/06
6,042,817
2014/07
6,130,986
2014/08
6,288,937
2014/09
6,217,683
Last data
Own estimate

Customs, SA – million Yen
Q/Q
Imports
Q/Q
6.96% 14,600,274 4.83%
2.90% 15,339,064 5.06%
-1.17% 15,341,234 0.01%
1.74% 15,567,565 1.48%
-0.98% 16,181,386 3.94%
-8.23% 16,947,330 4.73%
8.76% 17,526,252 3.42%
-3.64% 17,660,382 0.77%
-0.37% 17,451,856 -1.18%
0.28% 17,820,474 2.11%
-3.30% 17,737,137 -0.47%
-1.68% 17,543,773 -1.09%
7.03% 19,068,875 8.69%
5.45% 19,742,199 3.53%
1.62% 20,724,181 4.97%
1.68% 21,764,964 5.02%
-1.66% 22,238,064 2.17%
-0.39% 20,275,560 -8.82%
5.46% 22,193,399 9.46%
1.29% 23,397,484 5.43%

Customs, SA – million Yen
M/M
Imports
M/M
4.26%
6,112,210 2.34%
0.36%
6,573,942 7.55%
2.20%
6,382,723 -2.91%
0.79%
6,445,568 0.98%
4.30%
6,678,775 3.62%
0.38%
6,617,856 -0.91%
-0.91%
6,826,391 3.15%
1.54%
6,843,098 0.24%
-0.41%
7,054,692 3.09%
1.06%
7,177,670 1.74%
-0.39%
7,319,000 1.97%
1.93%
7,268,294 -0.69%
-3.48%
7,610,799 4.71%
2.58%
7,160,114 -5.92%
-2.91%
7,467,151 4.29%
0.05%
6,731,096 -9.86%
-1.22%
6,641,672 -1.33%
4.56%
6,902,792 3.93%
1.46%
7,272,517 5.36%
2.58%
7,342,662 0.96%
-1.13%
7,578,220 3.21%

Balance
1,927,701
1,668,542
1,467,543
1,533,053
751,698
-1,407,122
-625,075
-1,375,178
-1,226,682
-1,549,186
-2,002,403
-2,072,844
-2,510,576
-2,281,129
-2,980,561
-3,723,059
-4,495,427
-2,602,679
-3,555,793
-4,520,075

Balance
-646,366
-1,088,149
-776,061
-794,697
-784,962
-701,470
-964,073
-890,268
-1,126,220
-1,186,406
-1,351,295
-1,185,358
-1,739,249
-1,136,813
-1,619,365
-880,493
-862,211
-859,975
-1,141,532
-1,053,725
-1,360,537

Exports
16,028,460
17,065,568
17,031,297
17,274,302
16,417,671
15,690,558
17,111,263
16,326,983
16,159,682
16,443,603
15,714,549
15,429,738
16,352,091
17,599,585
17,711,558
18,110,959
17,435,262
17,860,953
18,647,129
18,987,188

Customs, NSA – million Yen
Y/Y
Imports
Y/Y
43.22% 14,415,165 19.20%
33.23% 15,356,678 28.06%
17.76% 15,408,620 14.87%
9.97% 15,584,495 11.32%
2.43% 16,106,912 11.74%
-8.06% 16,964,528 10.47%
0.47% 17,530,205 13.77%
-5.48% 17,509,542 12.35%
-1.57% 17,706,299 9.93%
4.80% 17,813,882 5.01%
-8.16% 17,579,729 0.28%
-5.50% 17,588,722 0.45%
1.19% 19,115,432 7.96%
7.03% 19,648,799 10.30%
12.71% 20,658,671 17.51%
17.38% 21,819,643 24.05%
6.62% 22,485,790 17.63%
1.49% 20,131,210 2.46%
5.28% 22,110,432 7.03%
4.84% 23,377,075 7.14%

Balance
1,613,295
1,708,891
1,622,678
1,689,806
310,759
-1,273,970
-418,943
-1,182,559
-1,546,616
-1,370,279
-1,865,180
-2,158,984
-2,763,341
-2,049,215
-2,947,114
-3,708,683
-5,050,528
-2,270,258
-3,463,303
-4,389,887

Exports
4,798,573
5,283,269
6,270,249
5,775,770
5,765,204
6,058,611
5,958,497
5,782,110
5,970,950
6,102,969
5,898,812
6,109,178
5,252,384
5,799,312
6,383,565
6,067,514
5,607,581
6,185,858
6,259,908
6,000,610
6,386,611

Customs, NSA – million Yen
Y/Y
Imports
Y/Y
6.31%
6,431,690 7.12%
-2.93%
6,056,595 11.81%
1.08%
6,627,146 5.44%
3.79%
6,653,135 9.37%
10.09%
6,756,526 9.96%
7.39%
6,239,138 11.70%
12.17%
6,990,954 19.69%
14.62%
6,753,518 16.18%
11.44%
6,914,199 16.67%
18.55%
7,203,396 26.28%
18.37%
7,199,902 21.21%
15.30%
7,416,345 24.76%
9.46%
8,047,433 25.12%
9.77%
6,604,054 9.04%
1.81%
7,834,302 18.22%
5.05%
6,879,228 3.40%
-2.73%
6,516,544 -3.55%
2.10%
6,735,439 7.95%
5.06%
7,365,206 5.35%
3.78%
7,397,736 9.54%
6.96%
7,347,490 6.27%

Balance
-1,633,117
-773,326
-356,897
-877,366
-991,321
-180,528
-1,032,456
-971,408
-943,249
-1,100,426
-1,301,090
-1,307,167
-2,795,049
-804,742
-1,450,737
-811,714
-908,963
-549,581
-1,105,298
-1,397,126
-960,879

Trade index and data in USD
Export Index
Value
Price Quantum
Y/Y
Value
2010Q1
95.12 101.08
94.16 43.41% 94.89
2010Q2
101.28 101.89
99.43 31.53% 101.09
2010Q3
101.08 99.05
102.12 18.47% 101.43
2010Q4
102.52 98.11
104.47 10.09% 102.59
2011Q1
97.43 100.68
96.78
2.78% 106.03
2011Q2
93.12 102.36
90.96
-8.52% 111.67
2011Q3
101.55 101.72
99.85
-2.22% 115.40
2011Q4
96.90 99.72
97.18
-6.98% 115.26
2012Q1
95.90 102.61
93.36
-3.53% 116.56
2012Q2
97.59 103.99
93.85
3.18% 117.26
2012Q3
93.26 102.59
90.91
-8.95% 115.72
2012Q4
91.57 103.98
88.06
-9.38% 115.78
2013Q1
97.05 112.18
86.41
-7.45% 125.83
2013Q2
104.45 114.90
90.90
-3.14% 129.34
2013Q3
105.11 114.96
91.45
0.59% 135.99
2013Q4
107.48 116.98
91.88
4.33% 143.63
2014Q1
103.47 118.96
87.03
0.72% 148.02
2014Q2
106.00 117.29
90.35
-0.60% 132.52
2014Q3
110.67 119.85
92.33
0.97% 145.55
2014Q4
112.68 121.68
92.61
0.79% 153.89
Last data – Customs data, NSA in USD is our own estimate

Import Index
Customs, NSA – million USD
Price Quantum
Y/Y
Exports
Imports
Balance
99.87
95.00 14.08%
176,753
158,920
17,833
103.11
98.08 19.93%
185,426
166,876
18,550
98.80
102.66 14.05%
198,472
179,592
18,880
98.32
104.33 8.64%
209,253
188,777
20,476
105.92
100.14 5.40%
199,481
195,689
3,792
111.78
99.90 1.86%
192,208
207,736
-15,527
110.91
104.08 1.38%
220,059
225,505
-5,446
108.58
106.15 1.74%
211,104
226,389
-15,285
112.19
103.88 3.74%
203,335
223,373
-20,038
113.63
103.18 3.28%
205,228
222,279
-17,052
107.81
107.34 3.14%
199,932
223,661
-23,729
109.66
105.58 -0.54%
190,151
216,745
-26,594
123.31
102.14 -1.68%
176,783
207,179
-30,395
127.36
101.59 -1.54%
178,296
198,937
-20,642
127.38
106.77 -0.53%
179,022
208,811
-29,788
129.81
110.65 4.81%
180,483
217,388
-36,905
136.05
108.81 6.53%
169,778
218,738
-48,960
131.95
100.46 -1.12%
174,812
197,038
-22,226
134.22
108.46 1.58%
182,578
216,488
-33,910
136.85
112.45 1.63%
186,018
229,026
-43,008

Export Index
Value
Price Quantum
Y/Y
Value
2013/01
85.44 109.74
77.85
-1.47% 127.01
2013/02
94.06 113.22
83.08 -12.76% 119.61
2013/03
111.64 113.58
98.29
-7.13% 130.87
2013/04
102.83 112.89
91.09
-3.02% 131.39
2013/05
102.65 115.31
89.02
-1.20% 133.43
2013/06
107.87 116.50
92.59
-5.06% 123.21
2013/07
106.09 113.45
93.51
1.82% 138.06
2013/08
102.95 115.45
89.17
1.90% 133.37
2013/09
106.31 115.97
91.67
-1.84% 136.54
2013/10
108.66 116.31
93.42
4.39% 142.25
2013/11
105.02 115.83
90.67
6.16% 142.19
2013/12
108.77 118.81
91.55
2.53% 146.46
2014/01
93.51 120.40
77.66
-0.24% 158.92
2014/02
103.25 117.94
87.54
5.37% 130.41
2014/03
113.65 118.53
95.88
-2.45% 154.71
2014/04
108.02 116.28
92.90
1.99% 135.85
2014/05
99.84 116.04
86.04
-3.35% 128.69
2014/06
110.13 119.55
92.12
-0.51% 133.01
2014/07
111.45 118.22
94.27
0.81% 145.45
2014/08
106.84 119.45
89.44
0.30% 146.09
2014/09
113.71 121.88
93.29
1.77% 145.10
Last data – Customs data, NSA in USD is our own estimate
Own estimate

Import Index
Customs, NSA – million USD
Price Quantum
Y/Y
Exports
Imports
Balance
117.94
107.69 -0.61%
53,825.8
72,144.6
-18,318.8
124.66
95.95 0.31%
56,766.6
65,075.7
-8,309.1
127.33
102.78 -4.52%
66,190.7
69,958.3
-3,767.5
125.38
104.79 2.53%
59,093.2
68,069.7
-8,976.5
127.83
104.38 -2.21%
57,075.6
66,889.7
-9,814.1
128.87
95.61 -4.96%
62,126.9
63,978.0
-1,851.2
126.44
109.19 2.41%
59,788.3
70,148.0
-10,359.8
126.33
105.57 -1.85%
59,103.6
69,033.2
-9,929.6
129.36
105.55 -2.12%
60,130.4
69,629.4
-9,499.0
128.09
111.06 6.36%
62,447.2
73,707.1
-11,259.9
128.64
110.53 3.38%
58,964.5
71,970.2
-13,005.7
132.70
110.37 4.73%
59,071.5
71,710.9
-12,639.4
136.68
116.27 7.97%
50,532.8
77,423.8
-26,891.0
136.62
95.45 -0.52%
56,844.9
64,732.9
-7,888.1
134.85
114.72 11.62% 62,400.4
76,581.6
-14,181.2
131.30
103.46 -1.27%
59,172.2
67,088.2
-7,916.1
128.42
100.21 -3.99%
55,095.1
64,025.8
-8,930.7
136.13
97.71 2.20%
60,544.8
65,923.8
-5,379.1
132.02
110.18 0.90%
61,280.8
72,101.0
-10,820.2
134.84
108.35 2.63%
58,753.2
72,432.7
-13,679.5
135.80
106.85 1.23%
62,544.1
71,954.0
-9,409.9

2010=100

2010=100

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