Macro Monday Japan:Trade Balance,Imports

One of the major contributors to Japan’s 3Q real GDP growth (YoY 0.9%, QoQsaar 2.2%) was the decline in imports (YoY -3.1%. QoQ saar -2.4%).

The monthly trade balance statistics provide the first look at October data forgoods imports. The monthly balance of payments statistics contain the servicestrade balance.

As shown below, the principal YoY volume weakness in imports over July toSeptember by item was raw materials. The lower table has imports by country oforigin. Imports from China over July to September were weak.