World News | Japan Logs Record Aug Trade Deficit on Weak Yen, Costly Oil
Get latest articles and stories on World at LatestLY. Japan posted a record trade deficit in August as costs for imports of oil and gas soared, the government reported on Thursday.
Tokyo, Sep 15 (AP) Japan posted a record trade deficit in August as costs for imports of oil and gas soared, the government reported on Thursday.
The 2.82 trillion yen (USD 19.6 billion) deficit, the 13th in a row, was triple the deficit logged in the same month a year earlier.
Customs-data showed exports rose 22 per cent from a year earlier as regional economies recovered from pandemic-related disruptions while imports soared 50 per cent.
Energy-related imports from the Middle East accounted for about half of the deficit.
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Japan's currency, the yen, has weakened sharply against the US dollar as the Federal Reserve has raised interest rates to counter inflation. Surging prices for many commodities and other products are also pushing Japan's imports higher. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)