Tokyo, Sept. 16 (Jiji Press)–Japan logged a customs-cleared trade deficit of 1,105.6 billion yen in August, marking the fourth consecutive month of red ink, the Finance Ministry said in a preliminary report Wednesday. The figure was nearly four times larger than the year-before deficit of about 294 billion yen, reflecting the yen’s weakness and soaring crude oil prices amid Middle East tensions. Japan’s overall imports increased 28.0 pct from a year earlier to 11,154 billion yen, a record high for the month of August. Crude oil imports jumped 58.7 pct. By volume, crude oil imports from the Middle East fell 30.9 pct, while those from the United States rose more than sevenfold as Japan turned to the country as an alternative supplier. Imports of semiconductors and other electronic components surged 82.1 pct in value. Japan’s exports in August rose 19.3 pct to 10,048.3 billion yen, the highest level for the month. The growth was backed by strong China-bound shipments of electronic components, such as integrated circuits. Exports of electric vehicles to the United States and Europe were also brisk, after slumping due to a hike in U.S. automobile tariffs. Japan posted a trade surplus of 70.3 billion yen with the United States while suffering a deficit of 551.6 billion yen in trade with China. END [Copyright The Jiji Press, Ltd.]
