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Japan posted a trade surplus of JPY 17.3 billion in October 2019, shifting from a JPY 456 billion deficit the same month a year earlier but missing market expectations of a JPY 300 billion surplus. This was the first surplus in four months. Imports decreased 14.8 percent over a year earlier, the sixth consecutive drop, mainly due to lower oil prices. Exports slumped 9.2 percent, falling for the eleventh straight month and by the most in three years, amid a drop in shipments to China and the US.

Japan unexpectedly posted a trade deficit of JPY 123 billion deficit in September 2019, shifting from a JPY 124.1 billion surplus in the same month a year earlier and missing market expectations of a JPY 54 billion surplus. This was the third straight month of shortfall, as exports slumped 5.2 percent, falling for the tenth month in a row, while imports decreased at a softer 1.5 percent, the fifth consecutive month of drop.

Japan's trade deficit narrowed to JPY 136.3 billion in August 2019 from JPY 448.1 billion in the same month a year earlier and compared to market expectations of a JPY 356 billion gap. Exports declined 8.2 percent, the ninth straight month of decline, while imports plunged 12 percent, as trade policy uncertainty continues to drag activity.

Japan's trade deficit widened to JPY 249.6 billion in July 2019 from JPY 227.4 billion in the same month a year earlier and larger than market expectations of a JPY 200 billion gap. Exports fell 1.6 percent, the eight straight month of decline, while imports dropped at a slower 1.2 percent.

Japan's trade surplus narrowed to JPY 589 billion in June 2019 from JPY 728 billion in the same month a year earlier and compared to market expectations of a JPY 420 billion surplus. Exports declined for a seventh straight month while imports fell for the second month in a row.

Japan posted a trade deficit of JPY 967 billion in May 2019 compared with a JPY 577 billion shortfall in the same month a year earlier and market expectations of a JPY 979 billion gap. Exports declined for a sixth straight month while imports edged down after climbing in April.