Japan Trade Balance Swings to Deficit in June

Japan’s trade balance shifted to a deficit of JPY 268.8 billion in June 2020 from a surplus of JPY 588.1 billion in the same month a year earlier and far higher than market expectations of a shortfall of JPY 35.8 billion. Exports tumbled 26.2% year-on-year to JPY 4.86 billion while imports plunged 14.4% to JPY 5.13 billion. Considering the first six months of the year, trade deficit soared to JPY 2.24 trillion from JPY 895.9 billion in the same period of 2019.