Japanese steel imports and exports slow down in July

The latest statistics released by the Japanese Ministry of Finance (MOF) indicate a significant drop in the country's steel exports and imports during the month of July 2014.

According to the Ministry of Finance, the export of metal products of the country amounted to 3299 thousand tons during the month, which is 8.8 percent lower compared to the previous month. Exports also decreased by 8.6 percent compared to the same month last year. Export value also fell by 4.2 percent year on year.

Exports to China amounted to 469 thousand tons, which is 6.5 percent lower than in July last year. Exports to Hong Kong, South Korea, Singapore and Taiwan totaled 976,000 tonnes, down 13.3 percent on an annualized basis. Export of steel products to ASEAN countries during the month decreased by 13.4 percent over the year and amounted to 964 thousand tons. Exports to the Middle East and the United States fell 12.4 percent and 9.3 percent, respectively.

Japanese imports of steel products totaled 748,000 tons in July this year, down 2.5 percent from the previous month. However, when compared at an annualized level, imports in July 2014 were up 2.5 percent.

Steel imports from China almost doubled during the year. Imports from China amounted to 173 thousand tons in July 2014, up 96.7 percent compared to July 2013. However, imports decreased compared to the previous month.