February 2, 2023

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Japan March exports surge +16.1% y/y (vs. expected +11.4% and -4.1% in February)

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Japan trade balance for March Y 663.7bn, a solid beat thanks to the great export performance

Trade balance adjusted Y 297.8bn

Exports a bigly  +16.1% y/y 

Imports +5.7% y/y, also a solid beat and indicative of a further increase in conumption

Exports to China +37.2% y/y

  • to the US +4.9% y/y
  • to Asia +22.4% y/y


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