Japan’s exports and imports tumbled in May, data on Wednesday showed, raising concern about the outlook for the world’s third biggest economy as it weathers a rise in the country’s consumption tax.
May exports fell 2.7 percent from a year earlier, the first annual decline in 15 months. That compared with a 5.1 percent jump in May and was much worse than analyst expectations in a Reuters poll for a 1.2 percent decline.
Imports fell 3.6 percent on-year, compared with expectations for a 1.7 percent rise, bringing the trade balance to a deficit of 909 billion yen ($8.9 billion) in May.
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