Japanese imports and exports beat expectations in August

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Imports and Exports | Axonn Ltd | MIC Customs Solutions | 21 September 2017

Japanese exports and imports both exceeded expectations during August 2017, with the rise in exports marking the biggest gain in almost four years.

Japan recorded a better-than-expected international trade performance during August 2017, according to the latest official data.

Exports for the month were up by 18.1 per cent compared to a year earlier, which marked the largest such increase since November 2013, as well as exceeding the forecast of a 14.3 per cent rise made by economists polled by Bloomberg.

Meanwhile, imports were up by 15.2 per cent, which was greater than the forecast of an 11.6 per cent rise. As such, Japan's adjusted trade balance showed a surplus of 367.3 billion yen (€2.74 billion), marking 22 months of consecutive surpluses.

With the Japanese economy growing at an annualized rate of 2.5 percent in the second quarter, there are signs that the nation's recent recovery is gaining momentum, with shipments of autos to the US proving particularly strong.

Hiroaki Muto, chief economist at Tokai Tokyo Research Center, said: "In the third quarter, we will see a trend reversal in the Japanese economy. External demand will be strong and consumption will lack momentum."

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MIC - Customs and Trade Compliance Software Solutions worldwide

Multinational companies are facing greater compliance challenges when addressing the continuously evolving international legal requirements. Customs and trade compliance management has a significant impact on production location and purchasing decisions, delivery times, cost savings and competitive advantages. Thus, it is crucial to establish processes that are accurately, effectively, and efficiently managed utilizing proven global IT solutions.

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Global Implementations

There are various customs regulations and requirements programs throughout the world. Examples include ACE, FTZ and Duty Drawback in the USA, IMMEX in Mexico, the Union Customs Code (UCC) in the EU (and its various national characteristics), the Free Zone in Thailand, and the China Single Window. All of these have the objective of making customs procedures simpler, more modern and more efficient.

MIC Global Trade Management (GTM) software helps companies maintain international visibility and to take advantage of these program changes in legislation. We know the intricacies of national and regional customs and export control requirements. Our software takes account of the respective regulations and uses similarities in global customs and export control law. This is done in 55+ countries on 6 continents with regularly updated trade content for 150+ countries. In addition, our data analytics & visualization tool enables improved decision making by identifying optimization potentials and supply chain trends across global customs and trade compliance processes. As a result, global business processes can be designed and automated more efficiently. This not only increases compliance, but also saves time, money and increases global competitiveness.