Japanese adjusted trade balance tumbles over 500 billion yen in March (after surging around 500 billion yen in February) as lunar new year effects washed out and left the lowest trade surplus since January 2016.

 

Exports (up 12% YoY) and Imports (up 15.8% YoY) both soared at the fastest pace in years.

Japan’s exports expanded for a fourth consecutive month in March, supporting a moderate economic recovery, according to data released by the Ministry of Finance on Thursday.

Under the surface it was all China...

  • Exports to the U.S. increased 3.5 percent from a year earlier.
  • Those to the EU rose 1.4 percent.
  • Shipments to China, Japan’s largest trading partner, climbed 16.4 percent.

"The February exports number was pretty high because of the Lunar New Year, so the March number will be more stable," said Yoshiki Shinke, chief economist at Dai-Ichi Life Research Institute, before the release. "That should just be seen as volatility from the holiday. Exports are continuing to increase."