Japan’s trade deficit narrowed sharply to JPY 662.55 billion in October 2023 from JPY 2,205,94 billion in the same month of the prior year, less than market estimates of a shortfall of JPY 735.7 billion. Exports grew by 1.6% yoy to JPY 9,147.07 billion, the second straight month of increase, supported by robust demand from the US. Meanwhile, imports contracted 12.5% to JPY 9,809.62 billion, the seventh consecutive month of drop, weighed down by lower energy cost.
