Japan Narrows Trade Deficit Amid Rising Exports to U.S.

Apr 17, 2024 | News On Japan

TOKYO - The trade balance for fiscal year 2023 recorded a deficit of 5.8 trillion yen, marking the third consecutive year of deficits.

According to the trade statistics released by the Ministry of Finance for fiscal year 2023, the trade balance -- calculated by subtracting imports from exports -- resulted in a deficit of 5.8919 trillion yen. This continues the trend of annual deficits for the third year.

Exports to the United States, particularly automobiles, saw significant growth, while the import costs of energy resources such as coal declined, reducing the deficit by approximately 73% compared to the previous fiscal year, which had recorded the largest deficit to date. Export figures reached an all-time high since 1979 at 102.8983 trillion yen, and import figures decreased for the first time in three years to 108.7 trillion yen.

However, there is a possibility that the trade deficit may widen if import costs increase due to the recent depreciation of the yen.

In a related report, the trade balance for March of this year showed a surplus of 366.5 billion yen. This marks a return to a surplus for the first time in three months, aided by a decrease in energy imports such as coal.

Source: TBS

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