Trade balance data from Japan for September 2018, a surplus where a deficit was expected, import way under estimates

Trade balance: Y surplus of 139.6bn

  • expected Y -45.1bn, prior was Y -438.4bn

Trade balance (adjusted): Y -238.9bn

  • expected Y -333.4bn, prior was Y -190.4bn

Exports -1.2% y/y, a big miss

  • expected +2.1%, prior was +6.6%
  • A decline, the first in 22 months.

Imports +7.0%% y/y and an even bigger miss

  • expected +13.7%, prior was +15.3%

-

Exports to:

  • US -0.2% y/y
  • China -1.7% y/y
  • Asia +0.9% y/y
  • EU -4.1% y/y

OK, its a surplus … but the details are not nice. If you take the perspective that trade data from a trading nation like Japan is going to be reflective, at least somewhat, of the health of global trade … yeah not a good set of numbers.

Yen says … yawn … as it usually does.