Compared to market expectations of a 19.4% decline and following a 13.6% decline in July, imports into Japan decreased 17.8% year over year to JPY 8,924.82 billion in August 2023. As a result of rising energy prices and a strong yen, this was the fifth consecutive month of declines at the fastest rate since August 2020. with purchases of mineral fuels falling 36.6%, primarily LNG (-43.1%) and petroleum (-25.5%). Additionally, due to the decline in semiconductor and integrated circuit prices, imports of electrical machinery decreased by 6.3%, while those of other goods declined by 0.3%. Additionally, due to medical products (-14.7%), purchases of chemicals decreased by 14.4%. Non-ferrous metals (-20.0%) weighed heavily on imports of manufactured goods, which fell 16.9%, while raw material imports fell 21.7%. On the other hand, purchases of transportation equipment increased 14.3%, driven primarily by cars.
Source: Trading News
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