Japan notches trade deficit as imports surge on energy costs

May 19, 2022 | News On Japan

May 19, 2022 (marketwatch.com) - TOKYO — Japan recorded a trade deficit in April as its imports ballooned 28% due to soaring energy costs and the yen’s weakness against the dollar.

Japan’s trade deficit totaled 839 billion yen ($7 billion) in April, for the ninth straight monthly deficit. In contrast, the world’s third-largest economy had recorded a surplus of nearly 227 billion yen in April last year.

Japan’s exports grew to 8.076 trillion yen ($63 billion) last month, up 12.5% from the previous year, according to Ministry of Finance data released Thursday.

Imports totaled 8.915 trillion yen ($70 billion) in April, up from 6.953 trillion yen in April 2021, and the highest since comparable numbers began to be taken in 1979.

Japan has limited incoming travel over the last two years to stem the spread of coronavirus infections. In 2019, before the pandemic hit, Japan had 32 million visitors from abroad.

The government reported this week that Japan’s gross domestic product, or GDP, shrank at an annual rate of 1% in the first quarter, as rising prices and COVID-19 restrictions sapped spending and investment.

Source: ANNnewsCH

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