Japan suffered a trade deficit last month as exports sank for the first time in two years and five months, dragged down by a slowdown overseas.
Cars for export park at a port in Yokohama, near Tokyo, on July 6, 2020. Japan sank into a trade deficit last month as exports sank for the first time in two years and five months, dragged down by a slowdown overseas, according to the Finance Ministry on Thursday, Aug. 18, 2023. – Japan suffered a trade deficit last month as exports sank for the first time in more than two years, dragged down by a slowdown overseas.
Exports recovered in autos and auto parts, as the social restrictions related to the COVID-19 pandemic, which had crimped production, eased gradually. Imports to Japan dipped not only from Asia but many other nations, including the U.S., Mexico, the countries in the Middle East, as well as Russia. The yen continues to be weak, trading at about 146 yen to the U.S. dollar lately. That likely means worries will persist about the strength of Japan’s economic recovery.
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