Japan’s exports and imports grow as yen weakens
Summary
Japan had a trade deficit of 406.9 billion yen ($2.5 billion) in June due to higher oil import prices. Both exports and imports increased sharply, helped by a weaker yen, with exports growing 19% and imports rising 25% compared to last year.Key Facts
- Japan’s trade deficit in June was 406.9 billion yen, reversing a surplus from a year ago.
- Exports rose 19% to 10.9 trillion yen, including more semiconductor shipments.
- Imports increased 25% to 11.3 trillion yen, driven by higher oil prices.
- The Japanese yen weakened against the dollar, moving from 140 yen per dollar to about 163 yen.
- Japan imports almost all its oil, and disruptions in the Strait of Hormuz have affected shipments.
- Oil imports from the U.S. to Japan jumped nearly five times compared to last year.
- Brent crude oil prices rose from about $60 to a high of $114 per barrel this year, recently falling to around $90.
- For the first half of 2024, exports increased nearly 14% and imports rose almost 11%, resulting in an overall trade deficit of about one trillion yen.
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