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Japan sees trade deficit at monthly record
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Japan’s trade deficit surged to a monthly record of 2.8 trillion yen (US$27.4 billion) in January as imports jumped 25 percent, underscoring the challenge the country faces in restoring export-driven growth.
A weakening in the yen over the past year has failed to boost exports as much as hoped while imports of oil and gas, food and other products have surged. Consumers and businesses are thought to be stepping up purchases ahead of an April 1 sales tax hike.
The Finance Ministry said yesterday that exports rose 9.5 percent from a year earlier to 5.25 trillion yen while imports were 8.04 trillion yen.
The previous record monthly deficit was 1.63 trillion yen in January 2013.
Exports have suffered as global growth has remained sluggish, but should pick up as the recovery gains momentum, Marcel Thieliant of Capital Economics said in a commentary.
“But the monthly numbers may well look worse before they get better,” he said.
Japan’s deficit with China also surged, to a record 1.04 trillion yen, as imports jumped 34 percent while exports climbed 13 percent.
Imports have been rising relative to exports as Japanese manufacturers increasingly shift production overseas, to be closer to customers in fast-growing developing nations and to reduce their own costs, resulting in trade deficits with many neighboring countries.
Exports to the US added 22 percent to 1.02 trillion yen while imports rose 26 percent to 656.4 billion yen, giving Japan a 367.2 billion yen surplus.
Japan’s reliance on imports of crude oil and gas, especially after its nuclear plants were shut following the March 2011 disaster in Fukushima, has raised its import bill.
Energy imports have not risen significantly in volume terms over the past year, though they have surged in US dollar value due to the weakness of the Japanese yen.
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