Japan’s trade deficit records $4.3b in July – data

Japan recorded a trade deficit of 621.838 billion yen ($4.25 billion) in July 2024, up from 61,325 billion yen in July 2023, according to a recent data released by the Ministry of Finance on Wednesday.

Total exports increased by 10.3 per cent to a record high of 9.62 trillion yen in July, while imports surged by 16.6 per cent to 10.24 trillion yen, the largest ever for the month.

Japan’s trade surplus with the United States shrank by 9 per cent to 768.6 billion yen. With China, Japan logged a deficit of 638.5 billion yen, up 79.9 per cent from the previous year.

Imports from China edged up 20.8 percent to 2.29 trillion yen, buoyed by smartphones and personal computers. Exports increased 7.2 percent to 1.66 trillion yen, lifted partly by chip-making equipment.

Japan’s trade surplus with the rest of Asia, including China, stood at 141.51 billion yen, down 47.3 percent from a year earlier. A 176.12-billion-yen trade deficit was recorded with the European Union.

Attribution: Japan’s Ministry of Finance report

Subediting: Y.Yasser