VINACHEM

Japan’s chemical exports in March fell by 3.2% year on year to yen (Y) 995.8bn ($7.4bn) on lower shipments of plastic materials, with the world’s third-biggest economy again posting an overall trade deficit for the month, official data showed on Thursday.

Its March exports of plastic materials fell by 14.6% year on year to Y249bn, while shipments of organic chemicals were up by 6.0% at Y203.9bn, preliminary data from the Ministry of Finance (MOF) showed.

By volume, exports of plastic materials fell by 13.4% year on year to 477,555 tonnes.

Exports of motor vehicles for the month rose by 17.8% year on year to 508,659 units.

Japan is among the top global exporter of automobiles – a major downstream industry for petrochemicals.

For the fiscal year ending 31 March 2023, Japan’s chemicals exports rose by 7.3% year on year to Y11.7tr, with shipments of plastic materials up marginally by 0.7% at Y3.06tr.

Full-year exports of plastic materials by volume fell by 11.5% year on year to 5.24m tonnes.

Japan’s overall exports in March rose by 4.3% year on year to Y8.82tr, while imports increased at a faster rate of 7.3% to Y9.58tr, with the country marking its 21st consecutive month of trade deficit.

The March trade deficit at Y754.5bn was narrower than February’s Y900bn deficit, but much wider than the Y464.9bn recorded in the same period last year.

Overall exports to China fell by 7.7% year on year, while those to the US increased by 9.4%.

Japan’s year-to-March 2023 overall exports rose by 15.5% year on year to Y99.2tr, outpaced by imports 32.2% growth to Y121tr.

The country posted a record full-year trade deficit of Y21.7tr, which was steeper than the figure recorded in the previous fiscal year.

– Source: ICIS –