facebook
twitter
search
search

Japan's fiscal year has trade deficit

April 23, 2009 at 5:21 PM

TOKYO, April 23 (UPI) -- Japan's trade balance recorded its first deficit in 28 years in the fiscal year ending March 31, the Finance Ministry said.

The trade balance came in with a $7.3 billion gap, as exports dropped 16.4 percent and imports fell far less, dropping 4.1 percent.

Neither exports nor imports had fallen in the past seven years, Kyodo news agency reported Thursday.

Vehicle exports to Europe and the United States declined, as did the export of electronics equipment to other Asian countries. Imports of coal and liquefied natural gas grew, while imports of crude oil dropped 0.4 percent in the year that included average oil prices of $92.60 per barrel.

"The Japanese people, lawmakers and government must take the results seriously," Finance Minister Kaoru Yosano said.

During the year, Japan's surplus with the United States dropped 43 percent, with exports falling 27.2 percent and imports dropping 11.5 percent.

Japan's surplus in trades to Europe also dropped, falling 39.7 percent on a 23 percent drop in exports and a 12.3 percent drop in imports.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Houston-based LINN leaves Texas shale
Australian troops to receive new rifle variant
Saab joining BAE Systems, Patria in bid to produce armored vehicle
Gas prices could go up, AAA says
Kurdish government in Iraq selling more oil