Japan monthly trade deficit hits record

Japan’s trade deficit has surged to a monthly record of 2.79 trillion yen (USD 27.30 billion).

The figure for January was up from the trade deficit for the same month last year of 1.63 trillion yen.

The development came as the country’s imports jumped 25 percent.

The Finance Ministry reported that exports had risen 9.5 percent from a year earlier to 5.25 trillion yen while imports were 8.04 trillion yen.

A weakening in the Japanese yen over the past year has failed to boost exports as hoped. Imports of oil and gas, food, and other products have also surged.

Marcel Thieliant of Capital Economics said “…the monthly numbers may well look worse before they get better.”

Based on government data, the world’s third-largest economy has expanded just one percent from October to December last year.

This means that Japan’s growth was less than half of some forecasts, despite Tokyo’s better performance in housing construction and its stronger public and private spending.

The ministry of economy has said slower growth in China and other major markets has affected Japan’s exports.