Doha: Japan recorded a trade deficit for the second consecutive month in May, due to a decline in exports to the US.
According to Qatar News Agency, the Japanese Ministry of Finance stated that Japan recorded a trade deficit of 637.6 billion yen, equivalent to about 4.4 billion dollars. Japan’s total exports fell by 1.7 percent year-on-year, with exports to the US dropping by 11.1 percent. Notably, automobile exports to the US plummeted by 24.7 percent.
Meanwhile, imports declined by 7.7 percent last month, attributed to lower shipments of crude oil and coal amid lower energy prices. The Japanese Ministry of Finance indicated that the tariff measures imposed by the US since last March had no significant impact on Japan’s overall trade figures with the US.