JPY: Trade surplus widens to JPY276.5bn in March – Deutsche Bank

Research Team at Deutsche Bank, notes that in nominal terms Japanese exports fell 6.8% yoy and imports fell 14.9% yoy.

Key Quotes

“In volume terms exports fell 1.0% yoy (versus 0.2% yoy in February) whilst import volumes rose 5.2% yoy (down 2.3% yoy in February). However, in the month of March volumes rose 1.5% mom and import volumes rose 0.3% mom.

In Q1, real merchandise exports rose a seasonally adjusted 0.9% and real imports 4.2%, resulting in a net export contribution of -0.5%pp. This is a large drag for Q1 GDP growth.”