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Japan records second annual trade deficit in 2012  Join our daily free Newsletter

MENAFN - 24/01/2013

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(MENAFN) Official data showed that Japan's trade deficit hit a record USD78.27 billion in 2012, as exports continued to drop for the seventh consecutive month in December, Reuters reported.

According to the Finance Ministry data, last year's exports dropped by 5.8 percent, more than economists' consensus forecast of a 4.2 percent drop.

This is the second consecutive annual trade gap recorded by a nation that for decades had racked up hefty surpluses, helping to finance its ballooning debt.

In 2011, Japan recorded its first trade deficit since 1980, on lower exports and a rise in fossil fuel imports as the country shifts away from nuclear power after the March 2011 earthquake and tsunami, with subsequent Fukushima disaster.

December's data, however, is expected to be the low point and analysts expect the economy to gradually regain momentum this year.

 






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