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Japan records trade deficit for 2nd consecutive month in August
(MENAFN) Japan recorded a trade deficit for the second consecutive month in August, as reported by the Finance Ministry on Wednesday. The trade deficit amounted to 695 billion yen, approximately USD4.9 billion, marking a 26 percent decrease compared to the same period last year. This persistent deficit comes despite indications of sluggish consumer spending, which has affected import levels.
In August, Japan's exports totaled 8.4 trillion yen, or USD59 billion, representing a 5.6 percent increase from the previous year. While shipments to Asian countries saw a rise, exports to the United States experienced a decline. Despite this growth in exports, the figures fell short of the forecasted 10 percent increase, highlighting a discrepancy between expected and actual performance.
Imports for August reached 9.1 trillion yen, about USD64 billion, reflecting a 2.3 percent rise from the previous year. The most significant growth was observed in imports from European nations, particularly in pharmaceuticals. However, these import figures also fell below expectations, which had anticipated even higher increases.
Additionally, recent fluctuations in currency value have impacted trade dynamics. The Japanese yen has appreciated against the US dollar in recent weeks, enhancing Japan's purchasing power. Earlier this year, the dollar was trading at levels exceeding 150 yen, but it has recently adjusted to around 140 yen, affecting both export competitiveness and import costs.
In August, Japan's exports totaled 8.4 trillion yen, or USD59 billion, representing a 5.6 percent increase from the previous year. While shipments to Asian countries saw a rise, exports to the United States experienced a decline. Despite this growth in exports, the figures fell short of the forecasted 10 percent increase, highlighting a discrepancy between expected and actual performance.
Imports for August reached 9.1 trillion yen, about USD64 billion, reflecting a 2.3 percent rise from the previous year. The most significant growth was observed in imports from European nations, particularly in pharmaceuticals. However, these import figures also fell below expectations, which had anticipated even higher increases.
Additionally, recent fluctuations in currency value have impacted trade dynamics. The Japanese yen has appreciated against the US dollar in recent weeks, enhancing Japan's purchasing power. Earlier this year, the dollar was trading at levels exceeding 150 yen, but it has recently adjusted to around 140 yen, affecting both export competitiveness and import costs.
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