Imports to Japan declined 5.2 percent from a year earlier to JPY 6.00 trillion in June 2019, compared to market expectations of a 0.4 percent decline and following a 1.5 percent drop in the previous month. Purchases were mainly lower for: foodstuff (-2.8 percent); raw materials (-10.8 percent); manufactured goods (-11 percent), such as nonferrous metals (-20.1 percent) and iron and steel products (-16.4 percent); mineral fuels (-4.1 percent), dragged by LNG (-11.7 percent) and petroleum products (-13.1 percent); machinery (-6.0 percent); electrical machinery (-3.3 percent); and transport equipment (-3.0 percent). Among main trade partners, imports dropped from China (-5.3 percent), South Korea (-13.6 percent), Australia (-4.1 percent), the US (-2.5 percent), the EU (-3.7 percent), and the Middle East (-6 percent). Imports in Japan averaged 3017.28 JPY Billion from 1963 until 2019, reaching an all time high of 8047.03 JPY Billion in January of 2014 and a record low of 162.06 JPY Billion in January of 1963.
Imports in Japan is expected to be 6550.00 JPY Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Imports in Japan to stand at 6600.00 in 12 months time. In the long-term, the Japan Imports is projected to trend around 6040.00 JPY Billion in 2020, according to our econometric models.