Japan Extends Run Of Trade Deficits To 15 Months
Japan extended its run of trade deficits to 15 months in October as soaring energy prices and a weaker yen pushed up the value of imports.
The Finance Ministry says the deficit came in at 2.16 trillion yen, or about 15.5 billion dollars. That's 23.8 times the figure recorded a year earlier. It's also the biggest ever deficit in yen terms for the month of October.
Imports surged to 11.16 trillion yen, or 80 billion dollars. That's a record for any month. Costs for liquefied natural gas were up two-and-a-half times, and for crude oil they nearly doubled.
Exports also rose, increasing to 9 trillion yen, or 64 billion dollars. That's yet another monthly record. Shipments of vehicles to the US were strong.
So were shipments of semiconductors and other electronic parts to Asia.
While the value of exports was well up, it wasn't enough to match the steep rise in the value of imports.