15 September 2022

Japan Records $19.7 Billion Trade Deficit in August 2022

International and Arabic
  • QNA_Japan_01_04_2022

Tokyo, September 15 (QNA) - Japan posted a record 2.82 trillion yen ($19.7 billion) trade deficit in August after higher energy prices and a sharp drop in the yen pushed the value of imports to their highest-ever level, the Japanese Finance Ministry said Thursday.
The country's trade deficit has been widening recently and August marked the 13th straight month of red ink, underscoring the impact resource scarcity and heavy dependence on imports have on Japan.
The deficit was larger than the previous record of 2.80 trillion yen seen in January 2014.
Imports surged 49.9 percent to 10.88 trillion yen, the largest increase by value since comparable data became available in 1979, lifted by higher prices for energy sources such as crude oil, coal and liquefied natural gas.
Exports, meanwhile, jumped 22.1 percent to 8.06 trillion yen after shipments of cars and chip-related equipment increased.
Russia's war on Ukraine has sent crude oil and other raw material costs surging. The yen's rapid weakening against the U.S. dollar has added to the woes of Japan as it inflates import costs.
The yen has fallen sharply in recent months. It was down 22.9 percent from a year earlier at 135.08 versus the US dollar in August, according to the ministry data. (QNA)

Keywords

Economy, International
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