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The
trade deficit, which measures the value of exports minus
imports, totaled 5.3 trillion yen ($34 billion), according to
government data, as imports ballooned on the back of rising
energy costs and growing inflation around the world.
Exports from the world’s third-largest economy totaled 107.9
trillion yen ($691 billion), surpassing the 100 trillion yen
mark for the second-straight year, and the biggest value on
record for comparable data, which dates back to 1979, the
ministry said.
Some companies may have sped up their exports in anticipation of
potential tariffs by U.S. President Donald Trump.
Trump has said he expects to put 25% tariffs on Canada and
Mexico starting Feb. 1. During his campaign, he threatened to
impose tariffs on imports from China, although details on that
remain unclear.
For the month of December, exports gained a
greater-than-expected 2.8% on-year, while imports rose 1.8%.
Exports grew to Asian and European nations, while dipping
slightly to the U.S.
Imports grew most from India, Hong Kong and Iran.
Demand was especially strong for Japan's vehicles,
semiconductors and other machinery.
The weakening yen, another recent trend, has the effect of
inflating the value of imports. The U.S. dollar has been
hovering at 150-yen levels, sometimes surpassing 160 yen, over
the past year, while a year ago it was often at 140-yen levels.
Japan has recorded a trade deficit for four straight years, but
last year's deficit was considerably smaller than the 9.5
trillion yen deficit for 2023.
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