Japan’s July exports -0.3% y/y (expected -0.8%) & Imports -13.5% y/y (expected -14.7%)

Trade balance data from Japan for July 2023, along with Machinery orders for June.

• exports fell for the first time in 29 months

Exports to:

• China -13.4% y/y
• the US +13.5% y/y
• the EU +12.4% y/y

I think you can see the problem, right? China’s economic stumble out of COVID-zero reopening is impacting globally, not just locally.