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Japan's trade deficit climbs 8% as cheaper Yen fuels import growth
Posted on May 24, 2024 |
Japan's trade deficit grew by nearly 8% in April due to a weak yen increasing import costs, despite higher exports.
April exports reached 8.98 trillion yen ($57 billion) and imports hit 9.4 trillion yen ($60 billion), both up 8% from last year, leading to a 462.5 billion yen ($3 billion) deficit.
Exports to Asia, the US, and the Middle East rose significantly, while exports to Europe stayed flat. US imports jumped nearly 30%, and Middle Eastern imports, mainly oil and gas, increased by 15%.
Vehicle exports climbed 24%, and electrical machinery exports grew by 16%. Imports of auto parts and computer chips rose as auto production recovered post-pandemic.
The US dollar's rise against the yen, trading around 156 yen compared to 139 yen last year, significantly increased import costs.
Oil and natural gas imports rose by more than 23% in April, with food and manufacturing input imports also seeing an increase.
Japan's low interest rates have weakened the yen, making imports more expensive but boosting the value of overseas earnings for companies like Toyota.