Japan's export growth soared for 4 months in a row

It edged up 1.6% in March.

According to DBS, exports registered a 1.6% rise in March, the fourth consecutive month of significantly positive growth.

Here's more:

Compared to Nov12 when the yen started to weaken, exports have risen a cumulative 10.0%. Note that Japan’s trade figures are reported in local currency terms.

The improvement in the yen-denominated export values entirely reflected the translation effects of a higher dollar/yen rate. The volumes of exports have not yet showed notable improvement.

It seems that Japanese exporters are currently taking the opportunities of yen depreciation to recoup their profit losses incurred during the strong yen period in 2008-2012. The adjustment of contract prices has not yet begun.

Imports, on the other hand, showed a pullback of -1.2% (MoM sa) in March aftersurging 6.9%in February. Compared to Nov12, import value is up by 9.3%, a similar growth pace as exports.

Demand forfossilfuels was persistently strong due to the shutdown of domestic nuclear plants, and the costs of fuel imports have been inflated sharply due to a weaker yen.

Trade balance (seasonally adjusted) improved marginally to JPY-0.92trn in March from JPY -1.09trn in February. This remained as the third largest trade deficit on record.

A notable improvement may only take place in 2H, after exporters start to adjust contract prices to boost their global market shares, and
importers look for domestic substitutes to replace overseas purchases (non-energy goods).

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