Japan's Exports to Decline at Slower Pace in July: Reuters Poll

Japan’s Exports to Decline at Slower Pace in July: Reuters Poll

Posted Friday, August 14, 2020 by
Arslan Butt • 1 min read

A recent Reuters poll of economists indicates that Japanese exports could register a double-digit fall for the fifth consecutive month during July amid a steep decline in external demand due to the coronavirus pandemic. Exports from Japan could fall by 21% in July, slightly better than the 26.2% decline seen during the previous month.

While the decline in exports is expected to reduce since June, imports are likely to see a sharper drop in July from the previous month. Economists forecast imports to decline by 22.8% YoY in July after falling by 14.4% in June.

Meanwhile, core machinery orders are expected to increase for the second consecutive month in June even as core consumer prices could see the first increase in four months during July. Machinery orders are expected to increase by 2% MoM during June, better than the 1.7% rise seen in May.

Economists expect Japan’s core CPI, which includes energy prices but excludes fresh food prices, to have risen by 0.1% YoY during July. The improvement in core CPI could be driven by a rise in oil prices and an uptick in consumer consumption.

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