Japan鈥檚 trade gap surges to record US$112b
Print Edition
Japan’s trade deficit surged to a record 11.47 trillion yen (US$112 billion) in 2013 as the shutdown of nuclear power plants swelled the nation’s energy import bill.
Provisional data yesterday showed that exports rose 9.5 percent to 69.8 trillion yen, while imports jumped 15 percent to 81.3 trillion yen.
Japan’s trade deficit in 2012 was 6.94 trillion yen. The deficit has been rising as costs for imports have surged with the weakening of the yen and increased purchases of foreign oil and gas. Japan’s nuclear reactors have been offline for safety and regulatory checks after the March 2011 earthquake and tsunami devastated the Fukushima nuclear plant.
The largest shortfall, 13.2 trillion yen, was with the Middle East, source of the largest share of resource-scarce Japan’s imports of oil and gas.
The weaker yen is a mixed blessing for Japan. It is boosting corporate profits due to higher yen-denominated income for firms that earn a large share of their revenues overseas.
“Our imports are affected both by the yen’s value and also by oil prices, so we will be watching the situation,” chief government spokesman Yoshihide Suga said yesterday. He reiterated Japan’s eagerness to buy lower-priced shale gas from North America, pending US approval of such exports.
Apart from energy imports, Japanese manufacturers increasingly are relying on overseas sources for components for electronics and other products. The recovery in exports so far has failed to offset those costs, and Japanese consumers are paying sharply higher prices for fuel and food.
Japan’s deficit with China, its biggest trading partner, rose more than 43 percent in 2013 to 5.02 trillion yen.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
