Japan posts record Y21.73 trillion trade deficit for FY2022

TOKYO, Apr 20 (Japan Today) - Japan's trade deficit roughly quadrupled to a record 21.73 trillion yen in fiscal 2022 ended March, as increased energy costs and a weaker yen led imports to grow far more than exports, the Finance Ministry said Thursday.

Imports jumped 32.2 percent from a year earlier to 120.95 trillion yen, while exports increased 15.5 percent to 99.23 trillion yen. Japan remained in the red for a second straight year, with both figures the highest since comparable data became available in fiscal 1979.

The trade deficit of 13.76 trillion yen registered in fiscal 2013 was previously the highest.

Crude oil, coal and liquefied natural gas were among the major items that contributed to the surge in imports.

With the waning of the negative impact of the COVID-19 pandemic, strong overseas demand supported exports of cars, iron and steel, and other items.

The dollar averaged 135.05 yen in fiscal 2022, sharply up from 111.91 yen in the previous year. The yen's rapid deprecation last year added to the pain for resource-scarce Japan by inflating the import costs. ...continue reading

Source: ANNnewsCH

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