As for actual implementation of public works, with a time lag after orders, the seasonally-adjusted level of shipments of public-related goods increased until summer 1996, but has been decreasing since autumn 1996. Real exports are on an increasing trend reflecting the moderate expansion of overseas economies and the effects of the yen’s depreciation since summer 1995.
Although real imports are increasing, reflecting such elements as the rise in domestic demand, the recent pace of increase has been moderate, a reflection of the depreciation of the yen to date. As a result, the real trade surplus turned to an increase in the second half of 1996.