Japanese trade data misses expectations in May, continuing a global trend

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Continuing the global theme, Japanese trade data for May has missed expectations.

Exports grew by 2.4% from a year earlier, below April’s 8.0% increase and forecasts for growth of 3.0%. Exports to the US grew by 7.4%, down on 21.4% seen in April, while those to China increased by 1.1% from 2.4% rate reported previously.

On the other side of the ledger imports slid by 8.7%, far below April’s 4.2% contraction and expectations for a decline of 7.5%.

As a result the nation’s trade deficit grew to ¥216 billion from ¥53.4 billion in April. Still, the figure expectations for an increase to ¥226 billion and was significantly smaller than the ¥917 billion deficit recorded a year earlier.

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