Japan’s trade deficit fell to JPY 1,372.5 billion in May 2023 from JPY 2,366.1 billion in the same month of the prior year, compared with market expectations of a gap of JPY 1,331.9 billion. It was the 22nd straight month of a trade shortfall and the longest sequence since 2015. Exports edged up 0.6% yoy to JPY 7,292.6 billion, the 27th straight month of increase but the softest pace since a drop in February 2021. Meantime, imports declined by 9.9% to JPY 8,664.1 billion, the second straight month of drop, as a stronger yen and easing commodity prices, including oil, reduced costs.
