Japan's July Trade Deficit Soars Tenfold Due to Weak Yen

Aug 21, 2024 | News On Japan

TOKYO - Japan's trade balance swung back into deficit in July for the first time in two months, with the deficit amount exceeding last year's figure by more than tenfold. The sharp increase is attributed to the depreciation of the yen, which led to substantial growth in both exports and imports.

According to preliminary trade statistics released by the Ministry of Finance, the trade deficit in July stood at 621.8 billion yen. Both exports and imports saw significant increases of over 10% compared to the same period last year.

Exports reached a record high for the month of July at 9.6192 trillion yen. This surge was largely driven by a substantial increase in semiconductor-related exports to Taiwan.

Imports also hit a record high for July, totaling 10.2410 trillion yen. The growth was propelled by a rise in imports of high-priced pharmaceuticals from the United States and smartphones from China.

Source: ANN

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