Japan Reports Record Annual Trade Deficit in 2013
In 2013, Japan's trade deficit widened to 11.47 trillion yen from 6.94 trillion yen in the previous year as rising costs for imports outstripped growth in export . It was a third straight year of deficit and the longest since record began in 1979.
1/27/2014 11:56:30 AM
In 2013, exports rose 9.5 percent to 69.8 trillion yen, while imports jumped 15 percent to 81.3 trillion yen. Trade deficit with China, Japan's biggest trading partner, rose more than 43 percent. With the United States, Japan logged a surplus of 6.1 trillion yen, up nearly 20 percent from a year earlier.
In December of 2013, Japan's trade deficit widened to 1302 billion yen, doubling from 646 billion reported in the same month of the previous year.
Exports increased 15.3 percent on the year to 6110 Billion yen, up for a tenth consecutive month. Shipments to China were up by 34.4 percent, to the United States by 13 percent, to Western Europe by 21.1 percent and to South Korea by 5.6 percent.
Imports were up 24.7 percent to 7412 Billion yen. Imports of mineral fuels were up 8.9 percent, a slowdown from 30.6 percent growth registered in November.