Japan’s export declined in early May amid impact of US tariffs

According to Bloomberg, Japan's export levels in the first 20 days of May showed a decline following the increased negative impact of US President Donald Trump's tariffs.

Data from Japan's Ministry of Finance indicates that the value of exports fell by 3% compared to the same period last year. In contrast, exports grew by 2.3% in the first 20 days of April and by 2.0% for the entire month.

Japan's trade balance for the first 20 days of last month was negative, with a deficit of 1.1 trillion yen ($7.7 billion). The full data for May is set to be released on June 18.

Shinichiro Kobayashi, chief economist at Mitsubishi UFJ Research, believes the impact of US tariffs on the Asian economy is becoming more apparent. He noted that current demand for Japanese goods is largely supported by car sales, but this will decline as the overall export performance weakens.

Currently, Japan and the US are set to continue trade agreement discussions during the G7 summit in Canada at the end of June. Japan's chief negotiator, Ryosei Akazawa, upon arriving in Washington on Thursday, stated that he would insist on the complete removal of all tariffs.