Japan records a trade deficit in October for a 4th straight month, despite export recovery
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Hey there, time traveller!
This article was published 19/11/2024 (383 days ago), so information in it may no longer be current.
TOKYO (AP) — Japan racked up a trade deficit in October for a fourth straight month as a weak yen and rising energy prices kept import costs high.
The trade deficit, which amounts to a nation’s imports subtracted from its exports, totaled 461 billion yen ($3 billion) last month, the Finance Ministry reported Wednesday.
Exports grew 3.1% in October from a year earlier, picking up pace over recent months, as shipments of equipment for semiconductor production increased.
But imports, up 0.4% from a year earlier, were still bigger than exports.
A major uncertainty over trade is looming because of the reelection of Donald Trump as U.S. president, in part because he favors sharp increases in tariffs.
Exports are a chief engine of growth for Japan, the home of Toyota Motor Corp., although such manufacturers have moved production and investment abroad.
New Prime Minister Shigeru Ishiba has been busy meeting the leaders of Asian nations, as well as Europe and South America, to forge economic and trade relations, as well as security ties. Ishiba, who has yet to meet Trump, was recently in Brazil for the Group of 20 summit.
A weakening currency, which tends to accompany trailing growth, is another worry for Japan. The U.S. dollar has been trading at about 155 Japanese yen recently, up from 140-yen levels a year ago.
Inflation and rising energy prices are pushing up import costs, while slowing global demand dampens exports.
But the recent fall in overseas demand is believed to be partly due to temporary disruptions like a typhoon, while the drop in exports is related to auto production disruptions in Japan.
By region, exports rose to the rest of Asia, including Singapore and Hong Kong. Exports to the U.S. slipped slightly.
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Yuri Kageyama is on Threads: https://www.threads.net/@yurikageyama