Japan’s Trade Deficit Dwindles As Exports Surge

Japan’s exports grew nearly 12% in January as shipments jumped in vehicles, auto parts, and machinery, according to government data, Yuri Kageyama reported for the Associated Press (AP).

Exports totaled 7.3 trillion yen ($48 billion), marking the second straight month of growth.

That helped the nation’s trade deficit shrink to 1.76 trillion yen ($12 billion), or about half of what it was a year ago, as imports declined 9.6% from the previous year. By region, exports grew to North America, the rest of Asia, and the Middle East, while imports generally fell from all global regions.

Imports, which have been declining on-month for nearly a year, totaled 9 trillion yen ($60 billion), with the biggest drops in oil, natural gas, and iron ore.

According to the Finance Ministry's preliminary report, exports totaled 7.3 trillion yen ($48 billion), marking the second straight month of growth.

The export rise was better than what analysts had expected at about a 10% growth. Japan has slipped to become the world’s fourth-largest economy, after the US, China, and Germany, according to nominal gross domestic product, or GDP, data for last year.

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