Japan posts trade deficit of Y641.5bn in Dec 2012 as exports decline

24 January 2013 05:19  [Source: ICIS news]

TOKYO (ICIS)--Japan posted a trade deficit of yen (Y) 641.5bn in December 2012, a record high, as exports of cars to the EU and China continued to decline significantly, official government data showed on Thursday.

This marks the 6th consecutive month of deficit, according to the Ministry of Finance (MOF).

Japan’s exports totalled Y5,300.3bn in December, down by 5.8% year on year, with the exports of ships and vessels declining by 43%, the data showed.

Imports totalled Y5,941.8bn, a 1.9% increase from the same time a year earlier, according to the ministry.

The country’s exports to the EU fell by 11% to Y546.2bn in December 2012 from December 2011, marking the 15th consecutive month of deficit, based on the data.

The country’s export of cars to the EU decreased by 35% year on year, the statistics showed.

Japan’s exports to China totalled Y906.1bn in December, a 16% decrease from the same time a year before, according to the MOF.

Japan’s exports of automobiles to China plummeted by 53% year on year, the data showed.

The country’s overall exports of inorganic chemicals rose by 17% to Y170bn in December from the year before, based on the statistics.

Japan’s trade deficit nearly tripled to Y6,927.3bn in 2012 from Y2,564.7bn in 2011, according to the ministry.

This is the worst trade deficit for an entire year since record started in 1979, ministry data showed.

By: Tomomi Yokomura
+65 6780 4359

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