(MENAFN- Qatar News Agency) Japan has reported a record trade deficit of 11.47 trillion yen, or about 112 billion dollars last year. Japan's Finance Ministry said on Monday that exports stood at 683 billion dollars in 2013, up 9.5 percent from the previous year, Japan's (NHK World) website reported.
The increase is attributed in part to a growth in automobile shipments to the United States. Imports surged to 795 billion dollars, up 15 percent year on year.
The rise is attributed to more spending for liquefied natural gas and crude oil for thermal power generation, due partly to the weaker yen. An increase in imports of smartphones from China and Taiwan is another factor.
The trade gap surpassed the previous record-high deficit of 68 billion dollars marked in 2012. Last year's trade deficit was Japan's third in a row.
Observers say exports are not growing as much as they did in the past despite the weak yen because many Japanese businesses are losing their competitive edge or moving their production overseas
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