Japan posted a record trade deficit in 2022 amid rising energy prices and a weak yen

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Tokyo, Jan. 19 (IANS) Japan reported its largest annual trade deficit since record keeping in 2022, as rising energy and commodity prices were further inflated by a weaker yen, the government said in a report on Thursday.

According to the Treasury Department, the country posted a deficit of 19.97 trillion yen ($155 billion) for 2022 – the largest amount in a year since comparable data became available in 1979, Xinhua news agency reported.

Imports rose 39.2 percent in the recording period to a record 118.16 trillion yen, while exports rose a record 8.2 percent to 98.19 trillion yen, the ministry’s preliminary reports showed.

The yen’s plunge to a multi-decade low against the yen in 2022 underlined the trade deficit and the fact that poor Japan is at the mercy of imports for the country’s core needs.

For December alone, Japan posted a trade deficit of 1.45 trillion yen, the ministry said.

In the month, imports rose 20.6 percent to 10.24 trillion yen, while exports rose 11.5 percent to 8.79 trillion yen, the data showed.

–IANS



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