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Japan's Sept trade deficit bigger than forecast $95 billion
A man is reflected on an electronic stock indicator of a securities firm in Tokyo, Oct
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A man is reflected on an electronic stock indicator of a securities firm in Tokyo, Oct. 14. (AP/Shizuo Kambayashi) (AP/Shizuo Kambayashi)
A man is reflected on an electronic stock indicator of a securities firm in Tokyo, Oct. 14. (AP/Shizuo Kambayashi)
Japan's trade deficit in September was a worse than forecast 114.48 trillion yen ($95 billion) as exports slowed, especially to China.
The trade data released Wednesday showed exports rose only 0.6 percent from the year before to 6.42 trillion yen (53 billion) while imports fell 11 percent, to 6.53 trillion yen ($54 billion).
Many economists had forecast that the trade balance would be in positive territory for the month, but the slowdown in China has further hindered a recovery in exports, adding to pressure on Japan's central bank to expand monetary stimulus to help revive growth.
Exports to China fell 3.5 percent from the year before, to 1.11 trillion yen ($9.2 billion). Meanwhile, exports to the U.S., now Japan's biggest overseas market, jumped 10.4 percent to 1.28 trillion yen ($10 billion). Imports from the U.S. edged 0.1 percent lower to 617 billion yen ($5.2 billion).
Japan's trade balance has improved with the fall in prices of crude oil and other fuels. In September, imports of oil, gas and coal fell 36 percent from the year before.
The trade deficit in September of 2014 was 961.98 billion yen. In August, it was 569 billion yen ($4.8 billion).
But oil prices are likely to rise, and if the Japanese yen's value depreciates as expected, the deficit will likely expand, said Marcel Thieliant of Capital Economics.
Surveys of manufacturers suggest "export volumes will continue to fall in coming months," he said in a commentary. (k)(++++)
