Economic Buzz: Japans Trade Deficit At 9.23 Trillion Yen In H1 FY2022

9 Nov 2022 , 12:48 PM

Japans current account surplus more than halved to an eight-year low of 4.85 trillion yen ($33 billion) in the first half of fiscal 2022, weighed down by a record trade deficit caused by soaring imports and the yens sharp decline, Finance Ministry data showed Wednesday. The surplus in the April-September period fell by 6.86 trillion yen from a year earlier, the second-highest amount on record, according to the ministrys preliminary data. The countrys trade deficit stood at 9.23 trillion yen after imports grew twice as fast as exports. Imports jumped 47.1 percent to a record 58.76 trillion yen, boosted by the increased costs of crude oil, coal and liquefied natural gas amid Russias war in Ukraine and the yens sharp depreciation that inflates import prices. Exports grew 21.3 percent to 49.52 trillion yen, the largest ever, after car and steel shipments increased. The yen has dropped sharply against the U.S. dollar amid the widening interest rate differential between Japan and the United States. The yen fell 22 percent from a year earlier in April to September, with the dollar averaging 134.01 yen.Powered by Commodity Insights