According to the provisional data released by the Japanese Ministry of Finance on July 23, Japan's total exports in June this year totaled JPY 4.56 trillion (approx US$48.754 billion), decreasing by 35.7 percent year on year, but up 14.17 percent month on month; meanwhile, the country's imports amounted to JPY 4.09 trillion (approx. US$43.37 billion), down 41.9 percent year on year and increasing by 9.94 percent month on month. Thus, Japan's foreign trade balance for June this year reached JPY 508 billion (approx. US$5.38 billion), increasing by an impressive 388 percent year on year, due to the higher year-on-year decrease in imports compared to exports.
In June, Japan's total iron and steel product exports came to about 2.84 million metric tons, down 11.1 percent year on year, totaling a value of JPY 235 billion (approx. US$2.49 billion), 38.7 percent lower than June 2008 level. At the same time, Japanese iron and steel imports in June this year amounted to 263,797 metric tons, down 65.3 percent year on year, totaling a value of JPY 29.72 billion (approx. US$315.04 million), down 74.7 percent year on year.
Meanwhile, also in June this year, Japanese motor vehicle exports reached 385,877 units, down 47.5 percent year on year, while motor vehicle imports totaled 11,697 units, down 45.8 percent. The country's ship exports totaled 1,654,794 gross tons, increasing by 20.1 percent compared to June 2008.
The trade slump slowed in all of Japan's main export markets. Exports to China fell 23.7 percent year on year, the smallest drop since October, caused by improving demand for steel, auto parts and chips. Shipments to the US declined by 37.6 percent, the least since December 2008, and sales to Europe fell by 41.4 percent, also the best this year.
According to the analysts, China's RMB 4 trillion ($586 billion) stimulus package is boosting demand for Japan's heavy equipment, autos and materials. The Chinese market this year surpassed the US market, traditionally Japan's biggest market, as the number one importer of Japanese goods.