Imports to Japan plunged 12 percent from a year earlier to JPY 6.28 trillion in August 2019, compared to market expectations of an 11.2 percent drop and the previous month's 1.2 percent fall. slumped 12 percent to JPY 6.28 trillion, compared to expectations of a 11.2 percent fall and the previous month's 1.2 percent decline. Purchases went down for mineral fuels (-25.3 percent), in particular petroleum (-25 percent), petroleum products (-28.8 percent), LNG (-23.3 percent), LPG (-32 percent) and coal (-24.5 percent); electrical machinery (-8.9 percent), namely semiconductors (-12.5 percent); machinery (-14.8 percent), of which power generating machines (-27.4 percent) and parts of computer (-0.8 percent); manufactured goods (-10 percent); transport equipment (-1.7 percent); foodstuff (-5 percent); chemicals (-4.2 percent); and raw materials (-10 percent). Among main trade partners, imports dropped from Hong Kong (-18 percent), the US (-9.2 percent) and China (-8.5 percent). Imports in Japan averaged 3027.78 JPY Billion from 1963 until 2019, reaching an all time high of 8047.03 JPY Billion in January of 2014 and a record low of 162.06 JPY Billion in January of 1963.
Imports in Japan is expected to be 6550.00 JPY Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Imports in Japan to stand at 6600.00 in 12 months time. In the long-term, the Japan Imports is projected to trend around 6040.00 JPY Billion in 2020, according to our econometric models.