Imports to Japan slumped 6.7 percent from a year earlier to JPY 6.05 trillion in February 2019, far more than market expectations of a 5.8 percent fall and following a revised 0.8 percent decline in the previous month. It was the biggest drop since November 2016, as purchases of mineral fuels plunged 6.3 percent on petroleum (-11.2 percent), petroleum products (-27.9 percent) and coal (-2.3 percent). Imports also fell for: electrical machinery (-4.3 percent); machinery (-6.2 percent); chemicals (-9.3 percent); manufactured goods (-7.8 percent); foodstuff (-5.5 percent); and raw materials (-11 percent). Imports dropped from China (-15.8 percent), South Korea (-10.7 percent), Taiwan (-4.4 percent), Indonesia (-14.3 percent), Australia (-5.5 percent), Saudi Arabia (-18.7 percent), but grew from Thailand (9.8 percent), the US (4.9 percent), Germany (1 percent) and the UAE (1.4 percent). Imports in Japan averaged 2996.47 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 7410.00 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 5900.00 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.