TOKYO: Japanese exports fell for a seventh straight month in April, reflecting the impact of moderating global growth and a recently stronger yen. Merchandise exports slid 10.1% from a year earlier to Y5.889 trillion ($53.5 billion)last month, after a 6.8% drop the previous month, according to data released Monday by the Ministry of Finance. Economists surveyed by The Wall Street Journal had expected a 9.1% decrease.
Corporate Japan is facing headwinds from moderating overseas growth, which has reduced underlying demand for Japanese exports, and from the yen’s renewed strength, which has made them less competitive. Exports to China fell 7.6% in April, down for the second consecutive month, the finance ministry said. Overseas shipment to the U.S.–the largest importer of Japanese-made goods–decreased 11.8%. That marked the second straight month of falls.
The yen averaged Y111.23 to the dollar in April, 7.2% higher than the year-earlier month, according to the finance ministry. Other gauges of exports were also unimpressive. Exports were down 1.2% from the previous month when adjusted for seasonal variations, the ministry said. Export volumes also fell 4.6% from a year earlier, the second straight monthly drop.
Japanese imports decreased by 23.3% in April to Y5.066 trillion, the 16th consecutive month of declines. The sharp declines were partly due to falls in energy prices, the ministry said. Japan’s trade balance for April came in at a surplus of Y823.5 billion, compared with a Y58.34 billion deficit in the same month a year earlier. Economists polled by The Wall Street Journal and the Nikkei had expected a Y535 billion surplus.
