OREANDA-NEWS  In July 2023, the volume of Japanese exports decreased by 0.3% year-on-year, to 8.725 trillion yen ($59.59 billion), the Ministry of Finance of Japan reported. The indicator decreased for the first time since February 2021.

The consensus forecast of experts, cited by Trading Economics, assumed a decrease in Japanese exports in July by 0.8% after a June rise of 1.5%.

Imports last month fell by 13.9% to 8.804 trillion yen. The drop was the highest since September 2020.

Analysts on average expected imports to decline by 14.7% after falling by 12.9% in June.

Exports of electrical appliances decreased by 7.3% last month, industrial goods - by 4.5%, chemical products - by 8.8%. Meanwhile, the supply of transport equipment jumped by 22.7%.

Exports to China decreased by 13.4%, to Hong Kong - by 2.2%, to Taiwan - by 22.9%, to South Korea - by 15.2%. Meanwhile, shipments to the United States increased by 13.5%, to India - by 19.7%, to Australia - by 13.3%.

Imports of mineral fuel to Japan in July fell by 35.8%, including gasoline - by 29.7%, LNG - by 42.3%. Purchases of electrical equipment decreased by 1.4%, chemical products - by 12.4%, industrial goods - by 16.3%. At the same time, vehicle imports soared by 67.2%.

Imports from China decreased by 11.4%, from the USA - by 11.2%, from South Korea - by 7.9%, from Russia - fell by 69.6%. Purchases in Hong Kong increased by 14%, in Taiwan - by 2.8%, in Thailand - by 7.9%.

Japan's foreign trade deficit in July was 78.73 billion yen, compared with 1.42 trillion yen a year earlier and a surplus of 43.1 billion yen in June.