Japan's exports to US dip for 1st time in 4 months in April

Japan's US-bound exports in April slid 1.8 % from a year before to 1,770.8 billion yen, according to the customs-cleared data from the Finance Ministry.

Automobile exports shrank 4.8 %, while steel exports plunged 29.0 %.

Both goods are subject to the US additional tariffs. Japan's exports to the United States could drop further if Washington's high tariffs continue.

In trade with the United States, Japan posted a trade surplus of 780.6 billion yen, up 14.3 %, mainly due to a 11.6 % decrease in imports to 990.2 billion yen in response to the yen's advance and lower crude oil prices.

The Trump administration has imposed additional tariffs on nearly all trade partners.

Although the number of Japanese automobiles exported to the United States has been on the rise year on year since January, Daiwa Institute of Research Ltd. projects that the higher US tariffs on Japanese goods and a deterioration in the global economy will exert downward pressure.

In its overall trade balance in April, Japan logged a deficit of 115.8 billion yen, the first red ink in three months.

The country's overall exports grew 2.0 % to 9,157.2 billion yen, driven by strong demand for semiconductors and other electronic parts as well as food items and medical goods.

On the other hand, its imports fell 2.2 pct to 9,273 billion yen.

[Copyright The Jiji Press, Ltd.]

Photo by Reuters