facebook
twitter
search
search

Japan trade deficit soars to $10.88B in October

Nov. 19, 2013 at 10:30 PM

TOKYO, Nov. 19 (UPI) -- Japan's October trade deficit soared 96.1 percent year-on-year to 1,090.7 billion yen ($10.88 billion) as a weaker yen pushed up import costs, data showed.

Data appearing Wednesday on the Finance Ministry web site showed the yen depreciation and higher fuel imports more than offset a big jump in exports during October. A weaker currency makes exports of a country less expensive, but it also drives up the country's import costs.

The October figure was the 16th straight month of deficit for the export-driven economy of Japan, which is trying to come out of years of deflation.

October exports jumped 18.6 percent year-on-year to 6,104.5 billion yen. But imports during the month totaled 7,195.2 billion, up 26.1 percent from the same month of last, leaving a deficit of 1,090.7 billion yen. Crude imports during the month rose 67.8 percent and imports of liquefied natural gas jumped 39.4 percent.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
North Dakota refinery completed
Optimism wins; crude oil recovers
SCOTUS says no to Gulf of Mexico spill appeals
China starts work on Russian gas pipeline
Eni reaches LNG deal in Indonesia