Lastly, exports have increased as a trend even during the pandemic. Global business sentiment has been firm in both the manufacturing and services industries, as evidenced by the Purchasing Managers' Index (PMI) (Chart 4). In this environment, exports from Japan basically have been on an uptrend.
However, net exports, calculated as exports minus imports, indicate that imports have increased significantly due to a surge in prices of crude oil and other raw materials, and the balance on goods continues to register a deficit (Chart 4). Taking these points into account, the Bank's assessment is that Japan's economy has picked up as a trend. 3.