Japan’s trade balance unexpectedly shifted to a surplus of JPY 43.05 billion in June 2023 from a deficit of JPY 1,374.99 billion in the same period of the prior year, beating market estimates of a gap of JPY 46.7 billion. It was the first trade surplus after shortfalls in the previous 22 months, as exports rose while imports fell. Sales grew by 1.5% yoy to JPY 8,744.06 billion in June 2023, after a 0.6% gain in May, marking the 28th straight month of growth. Meantime, imports decreased by 12.9% to JPY 8,701.01 billion, the third month of fall and the steepest pace since September 2020.
