Japan’s trade deficit widened in October, as the country’s imports and exports continued to rocket upward, driven by a historic drop in the yen that has already sent the economy into reverse.
For the fifteenth consecutive month, Japan had a trade deficit in October, after its import bill increased at the fastest pace since 1980.
The massive deficit of 2.16 trillion yen ($15 billion) came despite strong growth in exports, which increased 25.3% year on year to 9 trillion yen ($64 billion) last month. According to the ministry, automobiles, pharmaceuticals, and electrical machinery all contributed to an increase in exports.
Imports totaled 11 trillion yen ($79 billion), up 53.5% from the previous year. Japan is dependent on both energy and food imports during a period of rising global inflationary pressures.
Production delays and other issues related to the coronavirus pandemic have added to the fluctuating trend of Japan’s trade balance in recent years.
