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Japan posts trade deficit in May even as exports jump | NHK WORLD-JAPAN News


Japan posted a trade deficit for the second straight month in May, even as exports surged to a 45-year high in the same month.

The shortfall was largely blamed on an increase in imports of oil-related products and the weaker yen.

The Finance Ministry reported May’s deficit at 1.2 trillion yen, or about 7.7 billion dollars.

Exports rose 13.5 percent from a year ago to 52.4 billion dollars. That’s the highest for May since 1979, when comparable data first became available.

Auto exports to the US gained, while shipments of semiconductor manufacturing equipment to China also increased.

Imports grew 9.5 percent to more than 60 billion dollars.

This was led by petroleum products, such as naphtha used to make synthetic rubber. The yen’s slump drove up the cost of the oil-based imports, which are typically priced in dollars.



Read More:Japan posts trade deficit in May even as exports jump | NHK WORLD-JAPAN News