Japan posts $4.9b trade deficit in August ’24

Japan recorded a trade deficit of 695.29 billion yen (approximately $4.9 billion) in August 2024, according to a latest data released by the Ministry of Finance on Wednesday.

The trade deficit shrank by 26 per cent compared to the previous year, supported by exports of chip-making equipment, semiconductors, and other electronics components.

According to preliminary figures released by the Ministry of Finance, total exports increased by 5.6 per cent to 8.44 trillion yen in August.

Meanwhile, imports rose by 2.3 per cent to 9.14 trillion yen, driven by pharmaceutical and oil products.

In terms of trade with specific regions, Japan’s trade deficit with the European Union nearly tripled to 353.59 billion yen.

Shipments to the United States declined 0.7 per cent to 1.61 trillion yen, as imports from the United States also decreased by 2.0 per cent to 949.11 billion yen.

Attribution: Japan’s Ministry of Finance data

Subediting: M. S. Salama