TOKYO (AP) — Japan's trade deficit surged to a record 7.6 trillion yen ($74.9 billion) in the first half of the year as exports failed to keep pace with surging imports, the Finance Ministry reported Thursday. Japan's bulging import bill was partly due to a jump in demand as businesses and consumers stepped up purchases ahead of an April 1 increase in the sales tax to 8 percent from 5 percent. Imports for the six months jumped 10 percent to 42.6 trillion yen ($420 billion) while exports rose 3.2 percent to 35.1 trillion yen ($346 billion), the preliminary data show. Imports from China including industrial machinery, consumer products and food jumped 14 percent, leaving Japan with a 2.92 trillion deficit with China for the first half. Japan maintained a surplus with the U.S.
Comment on Japan trade deficit at record $75B in first half
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Wed, 07/23/2014 - 7:37pm
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