JAPAN DATA: Japan’s trade balance for the first 10 days of May
showed a deficit worth Y646.4 billion, compared with a deficit of Y219.4
billion a year earlier, as exports fell 13.6% y/y while imports rose
23.6%, data from the Ministry of Finance show. It is not unusual for
Japan to post a deficit in early May when shipments slow during long
public holidays. Exports declined 12.5% y/y in the whole of April, hit
by supply chain breakdowns, while imports increased 8.9%. The MOF said
lower shipments of semiconductors, automobiles and non-ferrous metal
products led the export drop in the first 10 days of May while crude
oil, liquefied natural gas and petroleum products boosted imports.
During the same period, prices of imported crude oil averaged $116.7 a
barrel, up around 37% from the whole month of May 2010, posting the
highest level since $120.7 marked in September 2008.