Japan’s trade deficit in April grew nearly 8% from a year earlier as the weak yen boosted the cost of imports, offsetting a jump in exports. Ministry of Finance data show Japan’s exports rose 8% in April to nearly 9 trillion yen, or $57 billion, while imports totaled just over 9 trillion yen, or about $60 billion.
FILE - A national flag flies near a container port in Tokyo, on Jan. 20, 2022. Japan ’s trade deficit in April grew nearly 8% from a year earlier as the weak yen boosted the value of imports, offsetting gains from a jump in exports, government data showed Wednesday, May 22, 2024. TOKYO — Japan ’s trade deficit in April grew nearly 8% from a year earlier as the weak yen boosted the value of imports, offsetting gains from a jump in exports, government data showed Wednesday.
Exports totaled 8.98 trillion yen , while imports totaled 9.4 trillion yen , both up 8% from the previous year, the Ministry of Finance said. The trade deficit for the month came out to 462.5 billion yen . Shipments to the rest of Asia, the U.S. and Middle East were sharply higher, while exports to Europe were flat. Imports from the U.S. grew nearly 30% from a year earlier, and imports from the Middle East, mainly of oil and gas, jumped 15%.Imports were also up sharply due to the U.S. dollar’s persisting gains against the yen. The dollar has been trading at about 156 yen lately, up from 139 yen a year ago, at one point reaching 160 yen.
Imports of oil and natural gas rose more than 23% in April from a year earlier, while imports of food and manufacturing inputs also climbed. One factor behind the weakening yen is Japan’s low interest rates, with the benchmark still barely above zero, a policyThe U.S. has raised interest rates to try to rein in inflation. The higher returns on dollar investments have pushed the value of the greenback higher against other currencies.
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