Japan Posts Record Trade Deficit In August 2022

16 September 2022

Japan ran its biggest single-month trade deficit on record in August as imports surged on high energy costs and a slump in the yen, exposing the economy's vulnerability to external price pressures. Imports jumped 49.9% in the year to August, driven by costs of crude oil, coal and liquefied natural gas (LNG), and causing the trade deficit to swell to 2.8173 trillion yen ($19.71 billion), the biggest shortfall on record. The gain in imports was bigger than a median market forecast for a 46.7% rise in a poll and outstripped a 22.1% year-on-year increase in exports in the same month. The yen's fall by nearly 20% over the past six months added to higher import costs, aggravating already high costs of energy and raw materials.

Source: Reuters
Post by: Republic of Türkiye Ministry of Trade