日本: 輸出成長率 前年同期比13%に減速 　2021年9月

Japan’s exports growth slowed to 13% y/y in September 2021 from 26.2% in the previous month on the back of global supply chain disruptions caused by the persisting COVID-19 pandemic. Meanwhile, imports grew at a much faster pace, at 38.6% y/y. Although exports registered growth for the seventh month in a row, in the past two months the pace of imports growth has surpassed that of exports. This outcome resulted in a second consecutive month of a trade deficit for Japan, which amounted to USD 5.7bn, although it marginally shrank from the USD 5.8bn in August.

In terms of main trading partners, shipments to China decelerated to 10.3% y/y from 12.6% y/y while exports to the US declined by 3.3% y/y from a growth of 22.8% y/y in August. Imports from China accelerated to 36.3% y/y and imports to the US grew by 23.8% y/y. Exports of transport equipment fell dramatically by 24.5% y/y in September as a result of the troubles in the automobile production. The passenger cars segment dropped by 40.3% y/y. Exports of electrical machinery remained relatively robust, growing by 16.5% y/y. Exports of manufactured goods also remained stable, growing by 42.8% y/y.

Further data and analysis on Japan’s economy are available on the CEIC Japan Economy in a Snapshot – Q3 2021 report.