Trade Statistics of Japan - 2015

by Eaduardo Petazze
21/04/15
In March 2015 the Japanese exports, measured in current yen rose 8.52% YoY (+ 4.04% MoM), while imports declined for the third consecutive month, a
14.49% YoY (-5.69% MoM). In volume terms exports in March increased by 28.70% annually and imports increased by 15.27% YoY.
In 1Q2015 exports increased by 9.05% YoY (+ 1.13% QoQ) and imports by 9.36% YoY (-5.98% QoQ, provisional estimate) decreased. In current US
dollars, exports in 1Q2015 totaled USD 159.6 billion (-6.0% YoY), and imports USD 171.2 billion (-21.7% YoY); reducing the foreign trade deficit was
76.3% YoY
In fiscal year 2014 (ending March 2015), exports increased by 5.38% and imports fell by 0.95% (NSA customs data), compared to the preceding fiscal year.
In calendar year 2015 is estimated that exports increase by 6.1% and imports fall by 7.2%
In constant currency 2005 a positive trade balance for the calculation of GDP under the expenditure approach, around 11.5 trillion yen for fiscal 2014
ending in March 2015 is estimated (in the previous fiscal year is estimated the positive balance was 7.3 trillion yen)
The Ministry of Finance of Japan released the preliminary information from the trade balance for March 2015 (pdf, 25 pages) and for the 2014 Fiscal
Year, April 2014 to March 2015 (pdf, 20 pages)
Similarly release preliminary data on foreign trade, seasonally adjusted, for the months of February and March 2015 (pdf, 1 page)
The following summary table contains our projection for the rest of 2015.

Japanese Customs Data

Fiscal Year
Customs, SA million Yen
Customs, NSA million Yen
Fiscal
Year
Exports
Y/Y
Imports
M/M
Balance
Exports
Y/Y
Imports
Y/Y
Balance
2005/06 67,462,052
9.42% 59,293,686 18.18%
8,168,366 68,290,157 10.65% 60,511,292 20.10%
7,778,865
2006/07 76,760,136 13.78% 68,377,480 15.32%
8,382,656 77,460,585 13.43% 68,447,346 13.11%
9,013,239
2007/08 84,654,795 10.28% 74,075,691
8.33% 10,579,104 85,113,381
9.88% 74,958,073
9.51% 10,155,308
2008/09 74,325,060 -12.20% 74,403,152
0.44%
-78,092 71,145,593 -16.41% 71,910,442 -4.07%
-764,848
2009/10 57,540,679 -22.58% 53,084,186 -28.65%
4,456,493 59,007,879 -17.06% 53,820,852 -25.16%
5,187,027
2010/11 68,023,657 18.22% 61,761,784 16.35%
6,261,873 67,788,838 14.88% 62,456,704 16.05%
5,332,134
2011/12 64,678,197 -4.92% 68,754,104 11.32% -4,075,907 65,288,487 -3.69% 69,710,574 11.61% -4,422,088
2012/13 63,901,543 -1.20% 71,904,234
4.58% -8,002,691 63,939,981 -2.07% 72,097,765
3.42% -8,157,784
2013/14 70,709,807 10.65% 83,311,370 15.86% -12,601,563 70,856,464 10.82% 84,612,856 17.36% -13,756,392
2014/15 73,981,194
4.63% 84,499,989
1.43% -10,518,795 74,670,871
5.38% 83,805,137 -0.95% -9,134,266
Latest data

Calendar Year
Customs, SA data
Customs, NSA data
Million
JPY
Exports
YoY
Imports
YoY
Balance
Exports
YoY
Imports
YoY
Balance
2005
64,803,761
6.50% 55,726,560 14.29%
9,077,201 65,656,544
7.33% 56,949,392 15.71%
8,707,152
2006
74,531,195 15.01% 66,806,687 19.88%
7,724,508 75,246,173 14.61% 67,344,293 18.25%
7,901,880
2007
83,337,756 11.82% 72,411,014
8.39% 10,926,742 83,931,438 11.54% 73,135,920
8.60% 10,795,517
2008
83,570,377
0.28% 80,579,361 11.28%
2,991,016 81,018,088 -3.47% 78,954,750
7.96%
2,063,338
2009
53,637,502 -35.82% 51,716,860 -35.82%
1,920,642 54,170,614 -33.14% 51,499,378 -34.77%
2,671,236
2010
66,822,237 24.58% 60,285,708 16.57%
6,536,529 67,399,627 24.42% 60,764,957 17.99%
6,634,670
2011
66,017,668 -1.20% 67,550,607 12.05% -1,532,939 65,546,475 -2.75% 68,111,187 12.09% -2,564,712
2012
63,868,674 -3.26% 70,496,278
4.36% -6,627,604 63,747,572 -2.74% 70,688,632
3.78% -6,941,060
2013
68,929,654
7.92% 80,017,688 13.51% -11,088,034 69,774,193
9.45% 81,242,545 14.93% -11,468,352
2014
72,536,867
5.23% 85,907,726
7.36% -13,370,859 73,093,028
4.76% 85,909,113
5.74% -12,816,084
2015
77,563,495
6.93% 79,760,661 -7.16% -2,197,166 77,563,495
6.12% 79,760,661 -7.16% -2,197,166
Own estimate

Quarterly
Million
JPY
Exports
2013Q1 16,053,104
2013Q2 17,278,174
2013Q3 17,763,595
2013Q4 17,834,781
2014Q1 17,833,257
2014Q2 17,613,669
2014Q3 18,028,087
2014Q4 19,061,854
2015Q1 19,277,584
2015Q2 18,918,483
2015Q3 19,293,103
2015Q4 20,074,325
Last data
Own estimate

Customs, SA million Yen

QoQ
Imports
QoQ
4.10% 18,680,225
5.22%
7.63% 19,629,423
5.08%
2.81% 20,327,749
3.56%
0.40% 21,380,291
5.18%
-0.01% 21,973,907
2.78%
-1.23% 21,112,799 -3.92%
2.35% 20,946,148 -0.79%
5.73% 21,874,872
4.43%
1.13% 20,566,170 -5.98%
-1.86% 19,595,638 -4.72%
1.98% 19,471,636 -0.63%
4.05% 20,127,218
3.37%

Balance
-2,627,121
-2,351,249
-2,564,154
-3,545,510
-4,140,650
-3,499,130
-2,918,061
-2,813,018
-1,288,586
-677,155
-178,533
-52,892

Exports
16,352,091
17,599,585
17,711,558
18,110,959
17,434,363
17,613,207
18,278,822
19,766,637
19,012,205
18,896,221
19,237,035
20,418,033

Customs, NSA million Yen

YoY
Imports
YoY
1.19% 19,115,432
7.96%
7.03% 19,648,799 10.30%
12.71% 20,658,671 17.51%
17.38% 21,819,643 24.05%
6.62% 22,485,743 17.63%
0.08% 20,190,014
2.75%
3.20% 21,160,558
2.43%
9.14% 22,072,798
1.16%
9.05% 20,381,767 -9.36%
7.28% 19,169,928 -5.05%
5.24% 19,809,058 -6.39%
3.30% 20,399,909 -7.58%

Balance
-2,763,341
-2,049,215
-2,947,114
-3,708,683
-5,051,380
-2,576,808
-2,881,736
-2,306,161
-1,369,562
-273,707
-572,022
18,124

Customs, SA million Yen

MoM
Imports
MoM
0.62% 7,222,500 -0.65%
-4.28% 7,619,498
5.50%
5.29% 7,131,909 -6.40%
-3.06% 7,687,756
7.79%
1.01% 6,796,635 -11.59%
-2.24% 6,628,408 -2.48%
2.61% 6,961,185
5.02%
1.33% 7,040,117
1.13%
0.12% 6,944,846 -1.35%
3.48% 7,335,058
5.62%
2.05% 7,236,660 -1.34%
0.84% 7,303,154
0.92%
2.15% 7,223,887 -1.09%
-5.22% 6,866,328 -4.95%
4.04% 6,475,955 -5.69%
-1.99% 6,688,656
3.28%
-0.12% 6,421,925 -3.99%
-1.85% 6,485,057
0.98%

Balance
-1,207,937
-1,862,402
-1,070,311
-1,811,833
-861,227
-826,070
-1,007,285
-1,006,734
-904,042
-1,084,219
-857,972
-870,827
-653,160
-638,768
3,342
-338,147
-79,341
-259,667

Exports
5,251,917
5,799,170
6,383,276
6,067,182
5,606,009
5,940,016
6,191,918
5,704,817
6,382,087
6,687,314
6,187,519
6,891,804
6,143,395
5,941,431
6,927,379
6,471,936
6,084,163
6,340,122

Customs, NSA million Yen

YoY
Imports
YoY
9.45% 8,047,032 25.12%
9.76% 6,605,299
9.06%
1.80% 7,833,412 18.20%
5.05% 6,892,709
3.60%
-2.76% 6,523,232 -3.45%
-1.96% 6,774,073
8.57%
3.92% 7,158,458
2.40%
-1.34% 6,658,032 -1.41%
6.89% 7,344,068
6.22%
9.57% 7,429,072
3.13%
4.89% 7,086,340 -1.58%
12.81% 7,557,385
1.90%
16.97% 7,317,181 -9.07%
2.45% 6,366,467 -3.62%
8.52% 6,698,119 -14.49%
6.67% 6,380,128 -7.44%
8.53% 6,439,010 -1.29%
6.74% 6,350,790 -6.25%

Balance
-2,795,115
-806,129
-1,450,136
-825,527
-917,223
-834,057
-966,540
-953,215
-961,981
-741,759
-898,821
-665,581
-1,173,786
-425,036
229,260
91,808
-354,847
-10,667

Monthly
Million
JPY
Exports
2014/01
6,014,563
2014/02
5,757,096
2014/03
6,061,598
2014/04
5,875,923
2014/05
5,935,408
2014/06
5,802,338
2014/07
5,953,900
2014/08
6,033,383
2014/09
6,040,804
2014/10
6,250,839
2014/11
6,378,688
2014/12
6,432,327
2015/01
6,570,727
2015/02
6,227,560
2015/03
6,479,297
2015/04
6,350,509
2015/05
6,342,584
2015/06
6,225,390
Latest data
Own estimate

Data from Cabinet Office, Government of Japan, included in the estimation of GDP
Fiscal Year
Nominal GDP, NSA
Billion
JPY
Exports
Imports
2005/06 75,104.5
68,494.1
2006/07 84,066.2
76,943.1
2007/08 92,437.7
84,375.8
2008/09 78,610.6
80,229.9
2009/10 64,506.2
60,190.1
2010/11 73,802.5
69,503.2
2011/12 70,945.7
77,289.8
2012/13 70,431.7
80,769.6
2013/14 79,998.2
95,905.1
2014/15 89,112.4 100,246.8
Own estimate

Nominal GDP, SAAR

Exports
Imports
75,039.9
68,508.8
84,019.4
76,967.0
92,416.7
84,396.2
78,650.2
80,167.5
64,546.0
60,177.1
73,849.4
69,478.5
70,985.2
77,239.6
70,376.1
80,712.6
79,911.2
95,818.5
89,081.0 100,209.9

Real GDP, NSA

Exports
Imports
74,322.7 65,974.1
80,788.9 68,460.3
88,387.2 70,075.5
79,004.7 66,751.8
71,348.1 59,629.2
83,612.3 66,763.8
82,306.2 70,341.6
81,257.8 72,855.3
85,070.4 77,743.4
92,095.4 80,546.5

Real GDP, SA
Exports
Imports
74,280.8 65,951.3
80,767.4 68,450.3
88,376.3 70,074.1
79,001.8 66,748.9
71,375.6 59,625.0
83,643.8 66,766.2
82,347.7 70,331.9
81,256.6 72,857.1
85,047.9 77,718.7
92,120.9 80,550.7

Nominal GDP, SAAR

Exports
Imports
72,018.0 64,954.6
81,877.7 75,562.5
91,037.3 82,376.0
88,975.7 87,902.4
59,799.1 58,128.9
73,264.6 67,475.8
71,370.3 75,615.5
69,795.1 79,153.9
77,506.6 91,146.5
86,223.2 101,409.6
95,743.0 99,171.8

Real GDP, NSA

Exports
Imports
72,121.9 65,028.3
79,286.6 67,975.0
86,184.1 69,554.2
87,405.2 69,794.7
66,257.0 58,829.0
82,399.0 65,338.3
82,106.4 69,198.9
81,957.9 72,847.2
83,211.2 75,100.3
90,071.9 80,529.1
97,131.3 89,556.8

Real GDP, SA
Exports
Imports
72,076.7 65,039.5
79,264.3 67,985.3
86,151.2 69,545.0
87,529.8 69,794.4
66,170.2 58,794.9
82,409.8 65,326.0
82,116.3 69,183.0
82,016.6 72,856.8
83,202.2 75,071.0
90,045.9 80,507.4
97,131.3 89,556.8

Nominal GDP, SAAR

Exports
Imports
74,026.3
85,227.3
78,055.2
88,906.7
78,798.0
93,006.4
79,146.8
97,445.6
83,644.9 103,915.1
83,571.6
96,829.4
86,369.5 101,160.3
91,306.6 103,733.6
95,076.4
99,116.1
93,377.3
96,398.3
95,210.9
99,686.1
99,307.5 101,486.6

Real GDP, NSA

Real GDP, SA
Exports
Imports
Exports
Imports
20,167.4 18,030.3 81,582.7 72,581.2
20,904.6 18,237.7 84,074.8 74,277.5
20,958.0 18,966.1 83,647.2 75,586.1
21,181.2 19,866.2 83,503.9 77,839.3
22,026.6 20,673.4 88,965.5 83,171.7
22,029.7 19,302.7 88,683.3 78,723.3
22,521.5 19,937.8 90,023.7 79,546.6
23,494.1 20,615.2 92,511.0 80,587.8
24,050.1 20,690.8 97,265.7 83,345.3
23,755.5 21,214.7 95,610.7 86,531.0
24,068.3 22,866.2 96,114.1 91,237.5
25,257.4 24,785.1 99,534.6 97,113.6

Calendar Year
Nominal GDP, NSA
Billion
JPY
Exports
Imports
2005
72,122.0 65,028.1
2006
81,939.5 75,571.7
2007
91,036.6 82,363.3
2008
88,770.0 87,797.6
2009
59,814.1 58,087.5
2010
73,182.3 67,419.2
2011
71,297.9 75,571.8
2012
69,765.3 79,156.5
2013
77,547.5 91,181.4
2014
86,309.9 101,491.3
2015
95,743.0 99,171.8
Own estimate

Quarterly
Nominal GDP, NSA
Billion
JPY
Exports
Imports
21,387.7
2013Q1 18,496.2
2013Q2 19,558.7
22,194.4
2013Q3 19,542.5
23,030.4
24,568.9
2013Q4 19,950.1
2014Q1 20,946.9
26,111.4
2014Q2 20,820.7
24,078.7
25,019.2
2014Q3 21,400.9
2014Q4 23,141.4 26,282.0
2015Q1 23,749.4
24,866.9
23,328.2
24,018.3
2015Q2
24,666.3
2015Q3 23,597.5
2015Q4 25,068.0
25,620.3
Latest data
Own estimate

Indices of Foreign Trade and Trade Balance in US Dollars

Fiscal Year
2010=100
2005/06
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
Last data
Calendar Year

Value
101.32
114.93
126.28
105.56
87.55
100.57
96.86
94.86
105.12
110.78

2010=100

Value
2005
97.41
2006
111.64
2007
124.53
2008
120.21
2009
80.37
2010
100.00
2011
97.25
2012
94.58
2013
103.52
2014
108.44
2015
115.08
Own estimate
Quarterly
2010=100
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
Last data
Own estimate
Monthly
2010=100
2014/01
2014/02
2014/03
2014/04
2014/05
2014/06
2014/07
2014/08
2014/09
2014/10
2014/11
2014/12
2015/01
2015/02
2015/03
2015/04
2015/05
2015/06
Last data
Own estimate

Export Index
Import Index
Price Quantum
YoY
Value Price Quantum
100.48
100.75
3.53% 99.58 99.07
100.48
107.27
107.13
6.33% 112.64 108.81
103.52
111.05
113.76
6.19% 123.36 119.19
103.48
107.35
97.44 -14.34% 118.34 119.89
97.63
99.86
87.71 -9.98% 88.57 97.60
90.71
99.92
100.70 14.81% 102.78 101.53
101.30
101.60
95.34 -5.33% 114.72 110.86
103.50
105.68
89.81 -5.80% 118.64 113.59
104.56
116.45
90.31
0.56% 139.24 130.13
106.97
121.02
91.51
1.33% 137.91 131.65
104.69

YoY
3.24%
3.03%
-0.04%
-5.65%
-7.09%
11.68%
2.17%
1.02%
2.30%
-2.13%

Export Index
Import Index
Price Quantum
YoY
Value Price Quantum
YoY
98.69
98.57
0.78% 93.72 94.10
99.44
2.82%
105.02
106.23
7.77% 110.83 107.27
103.31
3.90%
111.85
111.37
4.84% 120.36 116.63
103.14 -0.17%
109.44
109.57 -1.62% 129.93 126.65
102.50 -0.62%
99.88
80.59 -26.45% 84.75 96.54
87.78 -14.36%
100.02
100.05 24.15% 100.00 100.02
100.02 13.95%
101.11
96.19 -3.85% 112.09 109.29
102.57
2.55%
103.28
91.55 -4.83% 116.33 110.82
104.99
2.37%
114.75
90.16 -1.52% 133.70 126.95
105.29
0.28%
119.53
90.69
0.58% 141.38 133.40
105.93
0.61%
124.45
92.46
1.96% 131.26 128.70
101.95 -3.76%

Value
97.05
104.45
105.11
107.48
103.47
104.53
108.48
117.31
112.83
112.14
114.17
121.18

Export Index
Price Quantum
112.17
86.41
114.89
90.90
114.95
91.45
116.97
91.88
118.97
87.01
116.16
89.98
118.25
91.71
124.74
94.04
124.94
90.31
121.79
92.09
122.82
92.97
128.26
94.49

Value
93.50
103.25
113.64
108.02
99.81
105.75
110.24
101.57
113.62
119.06
110.16
122.70
109.37
105.78
123.34
115.23
108.32
112.88

Export Index
Price Quantum
120.39
77.66
117.94
87.54
118.58
95.83
116.27
92.90
116.05
86.00
116.15
91.04
116.77
94.40
117.42
86.49
120.57
94.24
121.64
97.87
123.58
89.14
128.99
95.12
126.79
86.26
123.45
85.68
124.59
98.99
121.52
94.82
122.25
88.61
121.60
92.83

YoY
-7.45%
-3.14%
0.59%
4.33%
0.70%
-1.01%
0.28%
2.35%
3.79%
2.34%
1.37%
0.47%

YoY
-0.24%
5.37%
-2.50%
1.99%
-3.39%
-1.67%
0.95%
-3.01%
2.80%
4.76%
-1.69%
3.90%
40.83%
20.84%
28.70%
24.03%
25.96%
23.99%

Value
125.83
129.34
135.99
143.63
148.02
132.91
139.29
145.30
134.17
126.19
130.40
134.29

Import Index
Price Quantum
123.30
102.14
127.35
101.59
127.37
106.77
129.80
110.65
136.00
108.85
130.21
102.05
131.29
106.07
136.11
106.75
129.01
103.89
127.08
99.30
127.42
102.33
131.30
102.29

Value
158.91
130.44
154.69
136.11
128.82
133.77
141.36
131.48
145.03
146.71
139.94
149.24
144.50
125.72
132.28
126.00
127.16
125.42

Import Index
Price Quantum
136.61
116.32
136.59
95.49
134.80
114.75
131.56
103.46
128.56
100.19
130.50
102.50
129.94
108.79
130.48
100.76
133.45
108.67
134.55
109.03
136.06
102.85
137.71
108.37
132.54
109.01
126.01
99.77
128.49
102.89
126.83
99.34
127.85
99.46
126.56
99.10

YoY
-1.68%
-1.54%
-0.53%
4.81%
6.57%
0.45%
-0.65%
-3.53%
-4.56%
-2.69%
-3.53%
-4.18%

YoY
8.01%
-0.48%
11.65%
-1.27%
-4.01%
7.21%
-0.37%
-4.56%
2.96%
-1.83%
-6.95%
-1.81%
-6.28%
4.48%
15.27%
21.78%
26.92%
22.36%

Customs, NSA million USD

Exports Imports
Balance
2005/06
113.3 $602,519 $533,850
$68,669
2006/07
116.9 $662,382 $585,339
$77,043
2007/08
113.7 $748,272 $659,248
$89,023
2008/09
101.4 $700,853 $710,014
-$9,161
2009/10
92.5 $638,322 $581,738
$56,584
2010/11
85.5 $792,632 $730,934
$61,698
2011/12
79.0 $826,707 $883,004 -$56,297
2012/13
82.8 $772,094 $869,865 -$97,771
2013/14
100.2 $707,571 $843,874 -$136,304
2014/15
109.6 $680,802 $765,559 -$84,757
Customs data, NSA in USD is our own estimate
2010=100 FX rate

2010=100 FX rate
2005
110.3
2006
116.3
2007
117.5
2008
103.5
2009
93.2
2010
87.5
2011
79.6
2012
79.8
2013
97.6
2014
105.7
2015
120.0
Own estimate

Customs, NSA million USD

Exports Imports
Balance
$595,191 $516,121
$79,070
$646,839 $579,146
$67,693
$714,133 $622,066
$92,067
$782,256 $762,799
$19,457
$580,973 $552,225
$28,748
$769,904 $694,165
$75,739
$822,853 $855,320 -$32,467
$798,646 $886,059 -$87,413
$714,584 $832,315 -$117,730
$690,968 $813,087 -$122,120
$646,217 $664,758 -$18,541

Customs, NSA million USD

Exports Imports
Balance
2013Q1
92.4 $176,783 $207,179 -$30,395
2013Q2
98.7 $178,296 $198,937 -$20,642
2013Q3
98.9 $179,022 $208,811 -$29,788
2013Q4
100.4 $180,483 $217,388 -$36,905
2014Q1
102.7 $169,769 $218,738 -$48,969
2014Q2
102.1 $172,456 $197,691 -$25,236
2014Q3
103.9 $175,836 $203,573 -$27,737
2014Q4
114.3 $172,906 $193,085 -$20,178
2015Q1
119.1 $159,604 $171,210 -$11,606
2015Q2
119.1 $158,646 $160,946
-$2,300
2015Q3
119.5 $160,991 $165,781
-$4,790
2015Q4
122.3 $166,977 $166,822
$155
Last data Customs data, NSA in USD is our own estimate
Own estimate
2010=100 FX rate

Customs, NSA million USD

Exports Imports
Balance
2014/01
103.9 $50,528 $77,420 -$26,892
2014/02
102.0 $56,843 $64,745
-$7,902
2014/03
102.3 $62,398 $76,573 -$14,175
2014/04
102.5 $59,169 $67,220
-$8,051
2014/05
101.8 $55,080 $64,091
-$9,012
2014/06
102.1 $58,207 $66,380
-$8,173
2014/07
101.7 $60,866 $70,367
-$9,501
2014/08
103.0 $55,413 $64,672
-$9,259
2014/09
107.2 $59,557 $68,534
-$8,977
2014/10
108.0 $61,902 $68,769
-$6,866
2014/11
116.2 $53,231 $60,963
-$7,732
2014/12
119.3 $57,774 $63,353
-$5,580
2015/01
118.3 $51,953 $61,879
-$9,926
2015/02
118.6 $50,101 $53,685
-$3,584
2015/03
120.4 $57,551 $55,646
$1,905
2015/04
119.1 $54,330 $53,559
$771
2015/05
119.0 $51,121 $54,102
-$2,982
2015/06
119.2 $53,195 $53,285
-$90
Last data Customs data, NSA in USD is own estimate
Own estimate
2010=100 FX rate