Japanese Trade Gap Shrinks in July
Japanese trade deficit narrowed to ¥964 billion in July of 2014 from ¥1932 billion reported in the same month a year earlier as exports grew faster than imports.
Exports increased 3.8 percent year-on-year to ¥6188 billion, up for the first time in three months. Sales to Asia, which account for more than half of Japan's total exports, increased 3.4 percent. Shipments to China grew by 2.6 percent, to Hong Kong by 14.7 percent and to Taiwan by 11.7 percent while exports to South Korea and Thailand decreased by 7.7 percent and 9.8 percent respectively. Exports to the United States increased by 2.1 percent.
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By commodity, growth in exports was driven mostly by increased shipments of motor vehicles (+8.1 percent), electrical machinery (+3.8 percent) and machinery (+2.2 percent).
Imports rose 2.3 percent year-on-year to ¥7153 billion. Inward shipments of mineral fuels, which account for around 33 percent of total imports, increased by 7 percent.