Japan’s trade deficit widens to 1.1 trillion yen in August
Japan recorded a customs-cleared trade deficit of 1.11 trillion yen (around $7.1 billion) in August, marking the fourth consecutive month of a trade shortfall, according to preliminary data released by the Finance Ministry on Wednesday, Qazinform News Agency cites Jiji Press.
The deficit was nearly four times larger than the approximately 294 billion yen recorded in the same month a year earlier, as a weaker yen and higher crude oil prices contributed to a sharp increase in import costs amid heightened tensions in the Middle East.
Japan’s total imports rose 28.0% year on year to 11.154 trillion yen, reaching the highest level ever recorded for the month of August.
Crude oil imports increased particularly sharply, rising 58.7% in value from a year earlier.
By volume, Japan’s crude oil imports from the Middle East declined 30.9%, while imports from the United States increased more than sevenfold as Japan turned to the country as an alternative supplier.
Imports of semiconductors and other electronic components also climbed sharply, increasing 82.1% in value from a year earlier.
Earlier, Qazinform reported China would raise visa fees sevenfold for Japanese nationals.
