Japan trade deficit grows
Japan’s trade deficit rose in July from the month before to a wider than expected 964 billion yen ($9.4 billion), though exports were higher for the first time in three months, the government said Wednesday.
It was the 25th straight monthly trade deficit for the world’s third-largest economy, due mainly to an increase in imports of oil and gas.
Exports rose 3.9 percent from a year earlier to 6.19 trillion yen ($60.2 billion).
Japan’s demand for imports has moderated in recent months as business slowed following an increase in the national sales tax.
The economy contracted at a 6.8 percent annual rate in April-June, a setback largely attributed to the April 1 tax hike and to stepped-up purchases before the increase took effect, but is expected to recover later in the year.
Source: AP
