People look at the city’s skyline from the deck at the Bunkyo Citizen Center in Tokyo on August 14, 2024.
Philip Fong | AFP | Getty Images
Japan’s exports fell 1.7% year-on-year in May, marking the highest decline since September 2024.
The fall was lower than the 3.8% drop forecast by economists who voted by Reuters, but the fall was lower than the 2% gain recorded in April.
Data is the second day of the Bank of Japan Its monetary policy statement The country’s growth may be “moderate” due to factors such as trade, which will lead to a slowdown in overseas economies and a decline in domestic corporate profits.
Boj added: “It is very uncertain how trade and other policies in each jurisdiction will develop and how overseas economic activity and prices will react to them.”
Decline in exports has already been struggling in Japan’s GDP, with the country’s economy growing by 0.2% In the final March quartercompared to the previous period, this is the first time in a year when the economy signed a contract in a quarter of a year.
Imports to the world’s third-largest economy fell 7.7% in May compared to a 6.7% decline in Reuters poll expectations.
U.S. President Donald Trump reportedly said Wednesday Japan becomes “hard” in trade negotiationsU.S. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent failed to make a breakthrough after six rounds of negotiations between Japan’s top negotiator Ryosei Akazawa.
Japan’s current exports to the United States face a benchmark tariff of 10%, but if Trump has suspended “reciprocal tariffs”, the figure could reach an agreement when the July 9 deadline expires, and the country’s currently suspended “mutual tariffs”.
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