Japan Records First Trade Deficit In 30 Years

Japan Records First Trade Deficit In 30 Years
# 25 January 2012 13:48 (UTC +04:00)
Baku - APA-Economics. Japan has recorded its first annual trade deficit for more than 30 years, highlighting the extent to which its economy was hit by last year’s tsunami, AFP reported.

The country reported its first calendar-year shortfall in goods since 1980 on Wednesday.

The deficit came in at 2.49trn yen (£20bn), the finance ministry said, driven by the expensive energy Japan had to import to offset the impact of shutting down its nuclear plants following the 2011 tsunami.

Exporters also had to grapple with a steep rise in the value of the yen.

The figures revealed imports - including oil and gas - were up by 12% on 2010 while exports fell by 2.7%.
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