Japan logs first annual trade deficit in 28 yearsApril 22nd, 2009 - 11:40 am ICT by IANS
Tokyo, April 22 (DPA) Japan’s trade balance for fiscal 2008 marked the first deficit in 28 years due to rise in commodity prices and slower exports to the US and other major economies, the finance ministry said Wednesday.
The nation’s trade deficit logged 725.32 billion yen ($7.38 billion) in fiscal 2008 that ended in March, the ministry said.
Japan last registered a trade deficit in 1980, when the balance was skewed by soaring crude oil prices.
Exports for fiscal 2008 lagged at 71.14 trillion yen, down 16.4 percent from the previous year, while imports slid 4.1 percent to 71.87 trillion yen. It was the first time in seven years that both components declined.
For the month of March, the trade balance recorded a surplus of 10.96 billion yen. Exports plunged 45.6 percent to 4.18 trillion yen and imports fell 36.7 percent to 4.17 trillion yen.
With the US, Japan’s trade surplus plunged 76.7 percent to 154.4 billion yen. Exports dropped 51.4 percent to 665.7 billion yen, and imports declined 27.6 percent to 511.3 billion yen.
In trade with China, Japan logged a deficit of 174.55 billion yen, against the year before deficit of 62.24 billion yen. Exports shrank 31.5 percent to 790.5 billion yen, and imports fell 20.7 percent to 965.1 billion yen.
The trade figures are measured on a customs-cleared basis before adjustments for seasonal factors.
- Japan's fiscal-year current account surplus falls - May 10, 2012
- Japan's current account surplus drops - Jun 08, 2012
- Japan logs trade surplus in August, exports shrink - Sep 24, 2009
- Japan's current-account surplus rose 76.9 percent in November - Jan 12, 2010
- Japan's exports fell in October - Nov 21, 2011
- Japan posts first annual trade deficit in 31 years in 2011 - Jan 25, 2012
- Japan's April trade deficit expands - May 23, 2012
- Japan's current account surplus falls - Jul 09, 2012
- Japan books trade surplus - Mar 22, 2012
- Japan's trade surplus triples in July to $4 bn - Aug 26, 2009
- Japan records biggest fiscal year trade deficit (Lead) - Apr 19, 2012
- China foreign trade growth slows, surplus widens (Lead) - May 10, 2012
- Japan logs record trade deficit in January - Feb 25, 2009
- South Korea's trade balance posts $2 bn surplus - Sep 01, 2012
- Japan's central bank holds key rate steady - Dec 21, 2011
Tags: 1 billion, 28 years, 511, china japan, commodity prices, crude oil prices, customs, dpa, finance ministry, month of march, previous year, seasonal factors, seven years, tokyo, trade balance, trade deficit, trade surplus, trillion, yen