Japan's trade deficit down by 60 percent

(MENAFN) Japan's trade deficit decreased 60 percent in January due to a rise in exports and a drop in its import bill for oil and gas after considerable lower crude oil prices, Gulf Daily News reported.

In contrast with USD23.56 billion deficit in January 2014, deficit amounted to USD9.9 billion year-on-year. Exports were also better than expected and scored USD51.7 billion driven by solid shipments of vehicles and machinery. Imports fell to USD61.6 billion.

A robust US economy supported Japan in which exports to the US increased 16.5 percent in January while imports decreased by 1.4 percent leaving a trade surplus of USD4.6 billion.

The Chinese economy also helped and exports to China jumped 21 percent from a year earlier, and imports fell 7 percent, leaving a trade deficit of USD6.2 billion.