Japan Records USD4.4B Trade Deficit as U.S. Car Exports Plunge
(MENAFN) Japan posted a trade deficit of 637.6 billion yen (approximately 4.4 billion U.S. dollars) in May, marking its second straight month in negative territory, according to figures released Wednesday by the Ministry of Finance.
The shortfall was primarily fueled by a sharp drop in car exports to the United States, the ministry’s data indicated.
Overall, Japanese exports declined 1.7% year-on-year in May, falling to 8.135 trillion yen.
Shipments to the U.S. saw a steeper slide, tumbling 11.1% compared to the same month last year—continuing a downward trend for the second consecutive month.
The automotive sector bore the brunt of the decline. Vehicle exports to the U.S. plunged 24.7%, a slump attributed to Washington's tariffs on automobiles, steel, aluminum, and other imports.
On the import side, Japan saw a 7.7% year-on-year decrease, with inbound trade totaling 8.7726 trillion yen. The decline was largely driven by falling prices for energy resources such as crude oil and coal.
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