Japan Reports Trade Deficit For 12th Consecutive Month In July
Japan posted a trade deficit for the 12th consecutive month in July as soaring energy prices and the weaker yen continued to push up the value of imports.
The Finance Ministry said the trade deficit last month was more than 1.4 trillion yen, or about 10.7 billion dollars -- the highest on record for July since comparable data became available in 1979.
Imports surged 47.2 percent from the same month last year in yen terms due to higher prices for crude oil, coal, liquefied natural gas and other energy products.
Exports rose 19 percent, boosted by growing shipments of automobiles and semiconductor manufacturing equipment.
Ministry officials say the amount of trade hasn't significantly changed, but the balance has been greatly affected by the market prices of energy and other items.