Japan March exports surge +16.1% y/y (vs. expected +11.4% and -4.1% in February)

Japan trade balance for March Y 663.7bn, a solid beat thanks to the great export performance

  • expected Y 493.2bn, prior Y 215.9bn

Trade balance adjusted Y 297.8bn

  • expected Y 212.9bn, prior Y -38.7bn

Exports a bigly  +16.1% y/y

  • expected 11.4% y/y, prior -4.5%
  • and +4.3% m/m s.a.

Imports +5.7% y/y, also a solid beat and indicative of a further increase in conumption

  • expected 4.7% y/y, prior 11.8%

Exports to China +37.2% y/y

  • to the US +4.9% y/y
  • to Asia +22.4% y/y
Do take these with at least grain of salt, part of the explanation for these results will be the base effect of comparison to March of 2020 and the initial pandemic hit.