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Japan May exports jump 14.9% year/year - MOF

19 June 2017

The trade surplus is pegged at 43.3 billion yen, down from 481.7 billion yen a month earlier.

The result was an 329.6% increase in the country's trade surplus versus the year-ago period to reach 203.4bn yen.

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Japan's imports rose more than expected in May, partly due to increasing demand for intermediate goods companies need to manufacture their products. In April, Japan's trade surplus with the United States fell an annual 4.2 percent.

"Nonetheless, "new export orders" in the manufacturing PMI remains consistent with double-digit y/y-gains in export volumes".

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Thanks in part to a weaker yen, exports to China, Japan's largest trading partner, surged 23.9 percent year-on-year to 1.12 trillion yen, the Finance Ministry said in a preliminary report.

Imports increased 17.8 percent (estimate +14.5 percent). That figure has captured attention after President Donald Trump named Japan as one of the nations contributing to the US trade deficit.

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Exports were up 14.9% on year to 5.851 trillion yen, shy of expectations for a gain of 16.0% following the 7.5% gain in the previous month. In the first three months of 2017, the economy grew an annualized 1.0%, to extend Japan's growth streak to the longest in 11 years.

Japan May exports jump 14.9% year/year - MOF