Japan: August Trade: Crude Oil Import Prices Dip Temporarily, but Trade Balance in Deficit for 4 Months with Import Value Remaining High

Goldman Sachs comments on Japan's August trade data. August export volume maintained positive growth for the sixth consecutive month at +2.5% yoy, though it turned down -3.3% mom on a seasonally adjusted basis. Semiconductor and electronic component export value rose +52.3% yoy (contributing +3.6pp to export value growth) and semiconductor production equipment +40.1% (+1.7pp), while imports of semiconductors and electronic components rose +82.1% yoy. Export value was +19.3% yoy and import value +28.0% yoy, widening the trade deficit to ¥1.1tn (vs -¥294.1bn a year earlier; GS forecast -¥1.0tn). The crude oil import unit price temporarily dipped to ¥16,325/bbl (July: ¥18,503/bbl), or US$101.6/bbl, still +59.5% above the pre-conflict February level;