Japan ran a ¥406.9bn trade deficit in June, its second consecutive monthly shortfall, as imports surged to an all-time high and outran a record June for exports, according to preliminary Ministry of Finance customs data released July 22.
Exports rose 19.3% year-on-year to ¥10.93tn, the best June on record and the sixth-highest export total for any month in the series, driven by rising shipments of automobiles and semiconductor-related electronic components. Imports climbed faster still: up 25.4% to ¥11.34tn, the highest monthly import total Japan has ever recorded, powered by crude oil and semiconductor component purchases.
That gap, a ¥406.9bn deficit, follows a ¥391.8bn deficit in May. The two months mark Japan's first back-to-back monthly deficits since a run of surpluses from February through April.
The regional breakdown shows where the pressure is building.
| Region | Exports | Imports | Balance |
|---|---|---|---|
| United States | ¥1.93tn (+13.0%) | ¥1.59tn (+52.7%) | +¥339.7bn (-49.0%) |
| European Union | ¥991.0bn (+20.3%) | ¥1.15tn (+1.6%) | -¥158.0bn (-48.5%) |
| Asia | ¥6.05tn (+22.7%) | ¥5.81tn (+29.4%) | +¥244.0bn (-45.3%) |
| China | ¥1.82tn (+17.6%) | ¥2.64tn (+27.9%) | -¥820.2bn (+58.8%) |
Imports from the United States jumped 52.7% year-on-year, nearly halving Japan's bilateral surplus with Washington to ¥339.7bn, down 49.0% from a year earlier. Exports to the EU rose 20.3% while EU imports barely moved, up just 1.6%, narrowing Japan's deficit with the bloc slightly to ¥158.0bn. Trade with Asia stayed in surplus at ¥244.0bn even as both exports (+22.7%) and imports (+29.4%) climbed by double digits.
China remains the outlier. Imports from China rose 27.9% to ¥2.64tn, outpacing the 17.6% rise in exports to ¥1.82tn, and widened the bilateral deficit by 58.8% to ¥820.2bn. That is the 63rd consecutive month Japan has run a trade deficit with its largest single trading partner.
The figures are preliminary, marked with a "(P)" in the ministry's release, and are subject to revision when the final June numbers are published.