Recent Updates
- Macao: MICE Industry (Q1)
- UK: Average Precipitation, Motor Vehicle Production (Apr)
- Serbia: Bank Claims, Banking Survey (Apr)
- Italy: ISTAT Business & Consumer Survey (May-Press)
- Spain: Credit Institutions Balance Sheet (Mar)
- more updates...
Economy in Brief
U.S. Mortgage Applications Continue to Weaken
The MBA Loan Applications Index fell 1.2% (-54.5% y/y) in the week ended May 20...
German Climate Reading Continues to Skid Toward the Abyss
Germany's GfK consumer climate reading improved ever so slightly in June...
U.S. New Home Sales Plunge in April as Prices Jump
The new home sales market is unraveling...
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $4.59 per gallon in the week ended May 23...
S&P Flash PMIs Are Mixed in May As Manufacturing Erodes Slowly
Among the early reporting countries in Europe and Japan, the S&P PMI readings for May tilt toward weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
State Coincident Indexes in April 2022
State Labor Markets in April 2022
Profits & Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
by Louise Curley January 30, 2012
Last year ended with Japan reporting its first calendar
year deficit on trade in goods since 1980.(See the first
Chart.) Trade was distorted by a severe earthquake and tsunami in
March. Plants and equipment were destroyed and shortages
led to higher imports. Later in the year, severe floods in Thailand
disrupted production in Japan's overseas sites located there.
Exports declined 1,791 billion yen from 67,362 bil. yen in 2010 to 65,570
bil. yen in 2011 while imports increased 7,392 bil. yen for a swing in the
balance on trade of 9,183 bil. yen from a surplus of 6,684 bil. yen in
2010 to a deficit of 2,599 bil. yen in 2011.
Those countries and areas, like the U.S. and the Euro Area, with whom Japan has typically had trade surpluses, saw their surpluses lowered mainly because exports declined and those countries and areas, like China, Australia and the Middle East with whom Japan has typically had trade deficits saw their surpluses lowered as imports rose. The trade balances for Japan with the U. S., the Euro Area, China, Australia, and the Middle East are shown in the second chart.
The rise in the yen during the year may also have contributed to the deficit as a higher yen tends to dampen exports and encourage imports. The yen strengthened from 85 yen to the dollar in April to 78 yen to the dollar at year end.
Japan Trade Balance: Total and Selected Countries or Areas (Billions of Yen)
2011 | 2010 | Y/Y Chg | |
---|---|---|---|
Total Trade in Goods | |||
Exports | 65570 | 67362 | -1791 |
Imports | 68170 | 60778 | +7392 |
Balance | -2599 | 6684 | -9183 |
Balance with: | |||
Australia | -3078 | -2556 | -527 |
China | -1733 | -327 | -1405 |
Middle East | -10876 | -8170 | -2706 |
Euro Area | 1232 | 1795 | -563 |
USA | 4095 | 4463 | -367 |