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31437
Fri, 11/21/2008 - 14:04
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https://oananews.org//node/31437
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Japan posts trade deficit in Oct., Asia-bound exports fall
TOKYO, Nov. 20 Kyodo - Japan posted a 63.9 billion yen trade deficit in October, the first red ink figure for the month in 28 years, as the global economic slowdown caused declines in Japanese exports to the rest of Asia for the first time since February 2002, the Finance Ministry said Thursday.
Due to the global financial crisis and the yen's appreciation relative to the U.S. dollar and euro, Japan's shipments to the United States and Europe both posted double-digit decreases from the year before, while energy import prices continued to rise. These factors also contributed to the trade deficit, the ministry said.
Japanese exports to the rest of Asia decreased 4.0 percent from a year earlier to 3,392.1 billion yen in October, with China-bound shipments down 0.9 percent to 1,160.9 billion yen, the first decline since May 2005, the ministry said in a preliminary report.
Japan posted a trade deficit for the first time in two months in October. It
logged a trade deficit of 332.13 billion yen in August, the first red ink
figure in nearly 26 years except for in January, when seasonal factors often
cause a fall in the trade balance.
Taro Saito, a senior economist at NLI Research Institute, said the latest trade
deficit ''clearly indicates conditions of the world's real economy have
worsened'' since the Sept. 15 collapse of U.S. brokerage firm Lehman Brothers
Holdings Inc.
He forecast the trade balance will soon swing into the black again as crude oil
prices are expected to nosedive in coming months. But Saito said Japan is
unlikely to post big surplus figures as the fallout from the financial crisis
is expected to continue hurting Japanese exports.
In the reporting month, exports fell 7.7 percent for the first decline in four
months to 6,926.1 billion yen, as shipments of vehicles to the U.S. and British
markets and of semiconductors to China fell.
It was the largest export decline since a 14.5 percent drop posted in December
2001, after the collapse of the information technology bubble, a ministry
official said.
Imports gained 7.4 percent to 6,990.1 billion yen, up for the 13th straight
month, on continued rises in crude oil, coal and liquefied natural gas prices,
the ministry said.
In October, the average price of oil amounted to $102.7 a barrel, up 34.6
percent from the year before, the ministry said.
By region, Japan's trade surplus with the United States fell 27.5 percent to
519.2 billion yen, down for the 14th straight month.
Exports fell 19.0 percent to 1,214.1 billion yen, also down for the 14th
straight month, on falls in shipments of automobiles, auto parts and vehicle
engines.
Imports from the United States shrank 11.1 percent to 694.9 billion yen led by
aircraft and airplane engines. It was the first decline in three months.
The trade surplus with the rest of Asia shrank 38.7 percent to 449.0 billion
yen, down for the second month.
On top of the fall in exports led by semiconductors and styrene, a raw material
for plastic products, imports from the region expanded 5.1 percent for the
fifth straight month of increase to a record 2,943.1 billion yen, on rises in
liquefied natural gas, steel and crude oil.
Japan posted a trade deficit of 228.3 billion yen with China, excluding Hong
Kong and Macao, up 27.3 percent from the year before. The dwindling exports of
semiconductors and styrene and increased imports of steel, laptop computers and
crude oil widened the deficit for the second straight month.
Imports from mainland China grew 2.9 percent from a year earlier, up for the
second straight month, to 1,389.2 billion yen.
The trade surplus with the European Union fell 24.8 percent to 357.4 billion
yen, down for the second month in a row.
Exports to the 27-nation bloc sank 17.2 percent, the largest fall since the
18.1 percent marked in December 2001, to 941.0 billion yen, on declines in
automobiles, excavators and motorcycles.
Imports from the area dropped 11.7 percent to 583.6 billion yen, down for the
second straight month.
The trade figures are measured on a customs-cleared basis before adjustment for
seasonal factors.
==Kyodo
Due to the global financial crisis and the yen's appreciation relative to the U.S. dollar and euro, Japan's shipments to the United States and Europe both posted double-digit decreases from the year before, while energy import prices continued to rise. These factors also contributed to the trade deficit, the ministry said.
Japanese exports to the rest of Asia decreased 4.0 percent from a year earlier to 3,392.1 billion yen in October, with China-bound shipments down 0.9 percent to 1,160.9 billion yen, the first decline since May 2005, the ministry said in a preliminary report.
Japan posted a trade deficit for the first time in two months in October. It
logged a trade deficit of 332.13 billion yen in August, the first red ink
figure in nearly 26 years except for in January, when seasonal factors often
cause a fall in the trade balance.
Taro Saito, a senior economist at NLI Research Institute, said the latest trade
deficit ''clearly indicates conditions of the world's real economy have
worsened'' since the Sept. 15 collapse of U.S. brokerage firm Lehman Brothers
Holdings Inc.
He forecast the trade balance will soon swing into the black again as crude oil
prices are expected to nosedive in coming months. But Saito said Japan is
unlikely to post big surplus figures as the fallout from the financial crisis
is expected to continue hurting Japanese exports.
In the reporting month, exports fell 7.7 percent for the first decline in four
months to 6,926.1 billion yen, as shipments of vehicles to the U.S. and British
markets and of semiconductors to China fell.
It was the largest export decline since a 14.5 percent drop posted in December
2001, after the collapse of the information technology bubble, a ministry
official said.
Imports gained 7.4 percent to 6,990.1 billion yen, up for the 13th straight
month, on continued rises in crude oil, coal and liquefied natural gas prices,
the ministry said.
In October, the average price of oil amounted to $102.7 a barrel, up 34.6
percent from the year before, the ministry said.
By region, Japan's trade surplus with the United States fell 27.5 percent to
519.2 billion yen, down for the 14th straight month.
Exports fell 19.0 percent to 1,214.1 billion yen, also down for the 14th
straight month, on falls in shipments of automobiles, auto parts and vehicle
engines.
Imports from the United States shrank 11.1 percent to 694.9 billion yen led by
aircraft and airplane engines. It was the first decline in three months.
The trade surplus with the rest of Asia shrank 38.7 percent to 449.0 billion
yen, down for the second month.
On top of the fall in exports led by semiconductors and styrene, a raw material
for plastic products, imports from the region expanded 5.1 percent for the
fifth straight month of increase to a record 2,943.1 billion yen, on rises in
liquefied natural gas, steel and crude oil.
Japan posted a trade deficit of 228.3 billion yen with China, excluding Hong
Kong and Macao, up 27.3 percent from the year before. The dwindling exports of
semiconductors and styrene and increased imports of steel, laptop computers and
crude oil widened the deficit for the second straight month.
Imports from mainland China grew 2.9 percent from a year earlier, up for the
second straight month, to 1,389.2 billion yen.
The trade surplus with the European Union fell 24.8 percent to 357.4 billion
yen, down for the second month in a row.
Exports to the 27-nation bloc sank 17.2 percent, the largest fall since the
18.1 percent marked in December 2001, to 941.0 billion yen, on declines in
automobiles, excavators and motorcycles.
Imports from the area dropped 11.7 percent to 583.6 billion yen, down for the
second straight month.
The trade figures are measured on a customs-cleared basis before adjustment for
seasonal factors.
==Kyodo
