Japan posts $661 mn trade deficitNovember 20th, 2008 - 2:13 pm ICT by IANS
Tokyo, Nov 20 (DPA) Japan posted a trade deficit of 63.9 billion yen ($661 million) in October as exports fell with the global financial crisis and the yen’s continued strength against other currencies, the finance ministry said.Exports in October declined 7.7 percent to 6.92 trillion yen from the same month a year before, posting the largest fall since December 2001, when exports fell 14.5 percent.
Imports rose 7.4 percent to 6.99 trillion yen on rises in crude oil, coal and liquefied natural gas prices.
Japan’s trade deficit with China grew 27.3 percent to 228.3 billion yen.
Exports dipped for the first time since May 2005, down 0.9 percent to 1.16 trillion yen, and imports from China inched up 2.9 percent from a year earlier to 1.39 trillion yen.
Japan’s trade surplus with the rest of Asia plunged 38.7 percent to 449 billion yen.
Exports to other Asian nations dropped four percent to 3.4 trillion yen in October from a year before, and imports grew 5.1 percent to a
record 2.94 trillion yen.
In trade with the United States, Japan’s surplus fell 27.5 percent to 519.2 billion yen. Exports were down 19 percent at 1.21 trillion yen, and imports fell 11.1 percent to 694.9 billion yen.
Japan’s trade surplus with the European Union shrank 24.8 percent to 357.4 billion yen.
Exports sank 17.2 percent, the largest fall since the 18.1 per cent marked in December 2001, to 941 billion yen, and imports dropped 11.7 percent to 583.6 billion yen.