Japan reports trade deficit in November

December 22nd, 2008 - 1:10 pm ICT by IANS  

Tokyo, Dec 22 (DPA) Japan’s exports plummeted by 26.7 percent in November compared to the same month last year, the Finance Ministry said Monday.It is the biggest monthly drop since the introduction of the current recording system in 1980.

Exports to the United States, Japan’s most important export market, dropped by 33.8 percent to 993.9 billion yen ($11.03 billion), while exports to the European Union were down 30.8 percent to 711.2 billion yen.

Exports to Asia fell 26.7 percent to 258 trillion yen.

Japan reported a 223.4 billion yen trade deficit for November, the first time the country reported a trade deficit for two months in a row.

Imports fell by 14.4 percent to 5.55 trillion yen, the first drop in 14 months.

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