The Canadian Press - ONLINE EDITION
Posted: 10/20/2013 8:24 PM | Comments: 0
Last Modified: 10/21/2013 4:52 AM
TOKYO - Japan's trade deficit ballooned to a fresh record for September as costs for imports of food and other necessities outstripped growth in exports.
Preliminary customs data Monday show September's deficit was 932 billion yen ($9.5 billion), the 15th consecutive monthly shortfall. The deficit for April-September rose to nearly 5 trillion yen ($51 billion), also a record for the first half of the fiscal year.
Imports rose 16.5 per cent in September from a year earlier to 6.90 trillion yen ($70.3 billion), while exports, helped by recoveries in key overseas markets such as the U.S. and EU, climbed 11.5 per cent to 5.97 trillion yen ($60.9 billion).
The yen has weakened by almost 25 per cent against the U.S. dollar in the past year, making Japan's exports cheaper overseas but also raising costs for imports.
Imports of oil and gas accounted for nearly a third of the total but fell 1 per cent as oil prices moderated. Imports of soybeans and other food and machinery surged at double-digit rates.
Exports were boosted by rising shipments of vehicles, iron and steel, rubber, chemicals and machinery.
The U.S. remained Japan's largest export destination, at 1.11 trillion yen ($11.3 billion), while imports totalled 665 billion yen ($6.8 billion). The resulting 533 billion yen ($5.4 billion) surplus rose 25 per cent from a year earlier.
But Japan's trade deficit with China jumped 87 per cent to 620 billion yen ($6.3 billion) as imports of such items as cellphones and solar panels surged 31 per cent to 1.68 trillion yen ($17 billion) while exports were up 11 per cent at 1.06 trillion yen ($10.8 billion).
Japan's shipments to China, Japan's biggest trade partner, grew 11.4 per cent to 1.06 trillion yen in September, while imports from China soared 30.9 per cent to 1.68 trillion yen.
Have you found an error, or know of something we’ve missed in one of our stories? Please use the form below and let us know.
Having problems with the form?Contact Us Directly
A loss with few complaints
No defence called in Via terror trial
'Freeman on the Land' spared jail sentence for pot conviction
Para Nordic skier a multi-medalist at Canada Winter Games
No satisfaction after 13 calls to 311
Another child dies after exposure to insecticide
Jets hosting mental health awareness event at game tonight
Couple married 67 years holds hands in final hours together
Man accused of threatening premier: Guardian
Rehtaeh Parsons review should be done by fall
Father accused of contributing to daughter's death gets bail despite Crown's objections
Aboriginal girl's parents explain daughter's death
Thompson RCMP looking for violent offender
Regulators approve tougher rules for Internet providers
Florida Panthers add Jaromir Jagr for playoff run
More education needed regarding service animals: report
Rob Ford ending radiation for cancer
Warrant outlines Rehtaeh Parsons probe
Fundraising for Froese family raises thousands of dollars
Ottawa ignoring missing, murdered women: study
Police investigate crash in Headingley
Safeway warehouse closing, 172 workers to be laid off
Four brothers killed in fire
2 loose llamas lassoed after running amok near Phoenix
Jets hosting Hockey Talks game tonight
Anti-Selinger faction in CUPE
400-year-old books stolen in Italy are found in California
Cranberry Portage schools locked down for short period while RCMP arrest man
Popular catcher back with Goldeyes for 2015
Manitoba’s annual inflation rate falls to 0.7 in January
Hitler, Orwell and ISIS
He doesn't give a puck
China confronts terrorism
A new king of credit unions
Facebook adds new gender option for users: fill in the blank
Chilly today, but weekend to be warmer
You say you want a revolution
Jets beef up on rental market
Liquor and Lotteries eyes connection to downtown walkway system for new HQ
CTE testing will eventually force sports fans to make a decision on what they're willing to watch