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Japan logs 462.5 billion yen trade deficit in April

TOKYO
2024-05-22 13:04

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TOKYO, May 22 (Xinhua) -- Japan recorded a trade deficit of 462.5 billion yen (about 3 billion U.S. dollars) in April as the weak yen boosted the value of imports, offsetting gains from robust export growth, government data showed Wednesday.

The country's total exports rose 8.3 percent from a year earlier to 8.98 trillion yen, a record for April, marking an increase for the fifth straight month, boosted by continued strength in auto demand, according to preliminary figures released by the Ministry of Finance.

Total imports, meanwhile, also grew 8.3 percent to reach 9.44 trillion yen, the largest ever for the month, resulting in the first trade deficit in two months, flipping from a 387 billion yen surplus in March.

The yen averaged 151.66 to the U.S. dollar in April, 14.7 percent weaker than a year ago, the ministry said.

A weak yen inflates import costs but boosts Japanese exporters' overseas earnings. Crude oil prices jumped 17.7 percent from a year earlier in yen terms, compared with a 2.6 percent increase in dollar terms.

By destination, U.S.-bound shipments increased 8.8 percent to 1.80 trillion yen, extending its growth streak to 31 months.

Japan's trade surplus with the United States shrank 13.2 percent to 688.46 billion yen, down for the first time in 15 months, after imports jumped 29.0 percent to 1.11 trillion yen.

Exports to China grew for the fifth straight month by 9.6 percent to 1.59 trillion yen amid strong demand for chip-making equipment and hybrid cars, while imports rose 10.8 percent to 2.11 trillion yen, resulting in a 526.97 billion yen trade deficit, up 14.6 percent.

Overall exports to Asia grew by 9.7 percent, while those to the European Union fell by 2 percent.
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