Japan posts trade deficit of 661 million dollars in October

Business Materials 20 November 2008 08:31 (UTC +04:00)

Japan posted a trade deficit of 63.9 billion yen (661 million dollars) in October as Japanese exports fell with the global financial crisis and the yen's continued strength against other currencies, the Finance Ministry said, dpa reported.

Exports in October declined 7.7 per cent to 6.92 trillion yen from the same month a year before, posting the largest fall since December 2001, when exports fell 14.5 per cent.

Imports rose 7.4 per cent 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 per cent to 228.3 billion yen.

Exports dipped for the first time since May 2005, down 0.9 per cent to 1.16 trillion yen, and imports from China inched up 2.9 per cent from a year earlier to 1.39 trillion yen.

Japan's trade surplus with the rest of Asia plunged 38.7 per cent to 449 billion yen.

Exports to other Asian nations dropped 4 per cent to 3.4 trillion yen in October from a year before, and imports grew 5.1 per cent to a record 2.94 trillion yen.

In trade with the United States, Japan's surplus fell 27.5 per cent to 519.2 billion yen. Exports were down 19 per cent at 1.21 trillion yen, and imports fell 11.1 per cent to 694.9 billion yen.

Japan's trade surplus with the European Union shrank 24.8 per cent to 357.4 billion yen.

Exports sank 17.2 per cent, the largest fall since the 18.1 per cent marked in December 2001, to 941 billion yen, and imports dropped 11.7 per cent to 583.6 billion yen.