China, the United States and South Korea were the largest exporters to Japan in May 2021, according to the Ministry of Finance.
Comprehensively, Japan imported goods worth 6 trillion 448,000 million yen last May, so these purchases rose 27.9% at an annual rate.
Conversely, Japan exported 6 trillion 261 billion yen products last May and this implied a year-on-year growth of 49.6 percent.
Therefore, the Japanese economy reported a deficit of 187.147 billion yen.
According to the Bank of Japan, Japan’s exports have continued to increase, reflecting a recovery in overseas economies.
By region, the pace of growth in exports to advanced economies has slowed, mainly affected by a rebound in stifled demand and a shortage of semiconductors, both related to automobiles.
Meanwhile, exports to emerging economies have risen steadily, mainly to Asia, supported by expanding digital-related demand.
Japanese imports have recovered, reflecting domestic economic activity.
The Bank of Japan expects imports to follow a moderate upward trend due to increases in domestic demand and exports.
Among the largest exporters to Japan, China shipped 1.6 trillion yen in May 2021, thus achieving a 4.8% annual increase.
Also, the Bank of Japan projects that the global volume of world trade will remain on a steady upward trend, as capital goods and digital technology-related goods are expected to continue to rise steadily.
Other major exporters to Japan were: the United States (743.639 million yen, with an annual increase of 28.9%) and South Korea (271.378 million yen, with an increase of 34.1 percent).
Japanese exports of capital goods have increased, partly supported by a global increase in investment in machinery and by strong exports of semiconductor production equipment reflecting expanding demand related to digital technology.