Japan posted a record trade deficit in 2022
Japan posted its biggest trade deficit in 2022, buoyed by a weak yen and rising energy prices.
Japan’s trade deficit in 2022 was recorded at 19.97 trillion yen ($155.2 billion), according to updated preliminary data from the Ministry of Finance.
The figure stood out as the largest trade deficit since 1979, when comparable statistics were recorded.
ENERGY HAS BEEN IMPOSSIBLE WITH INCREDIBLE LOSSES IN VALUE
The sudden depreciation of the Japanese yen during the year and rising energy costs were reported to have had a negative impact on the trade deficit.
In 2022, Japan’s imports increased 39.2% to 118.1 trillion yen, while exports increased 18.2% to 98.1 trillion yen.
Crude oil, coal and liquefied natural gas led imports, while vehicle sales and steel products led exports.
Japan’s largest trade deficit before 2022 was recorded in 2014, at 12.82 trillion yen. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
