Japan posts biggest trade deficit in more than 8 years for May

Jun 16, 2022 | News On Japan

Jun 16, 2022 (Nikkei) - Japan ran its biggest single-month trade deficit in more than eight years in May as high commodity prices and declines in the yen swelled imports, clouding the country's economic outlook.

The growing trade deficit underscores the headwinds the world's third-largest economy faces from a slide in the yen and surging costs of fuel and raw materials, on which domestic manufacturers rely for production.

Imports soared 48.9% in the year to May, Ministry of Finance data showed on Thursday, above a median market forecast for a 43.6% gain in a Reuters poll.

That outpaced a 15.8% year-on-year rise in exports in the same month, resulting in a 2.385 trillion yen ($17.80 billion) trade deficit, the largest shortfall in a single month since January 2014.

May's deficit, which was the second largest in a single month on record, marked the 10th straight month of year-on-year shortfalls and was bigger than the 2.023 trillion yen gap expected in a Reuters poll.

By region, exports to China, Japan's largest trading partner, shrank 0.2% in the 12 months to May on weaker shipments of machinery and transport equipment to the country. ...continue reading

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