Tokyo, May 23, 2024 (TASR) – Japan’s trade deficit widened in April as the value of imports exceeded that of exports, the Ministry of Finance reported on Wednesday.
Key Points:
- Deficit: Japan’s trade deficit in April 2024 rose to 462.50 billion yen (US$2.72 billion) from 429.79 billion yen in the same month last year.
- Exports: Exports from Japan rose for the fifth consecutive month in April, increasing 8.3% year-on-year to 8.98 trillion yen. Growth was supported mainly by exports to the US (8.8%) and China (9.6%).
- Imports: Imports to Japan also rose 8.3% year-on-year to a four-month high of 9.44 trillion yen, driven mainly by an increase in energy imports, such as crude oil (13.1%) and LNG (12.5%).
- Expectations: Analysts had forecast a smaller deficit of 339.5 billion yen and higher export growth of 11.1%.
Implications:
- The widening deficit highlights Japan’s growing reliance on energy imports.
- The strong yen is making it more difficult for Japanese exporters to compete.
- The trade deficit is expected to remain under pressure in the coming months.
Sources: Ministry of Finance, Japan
