Japan has posted its highest-ever annual trade deficit on record during the year 2022, reported NHK World, adding that most of the deficit can be attributed to the weaker Japanese currency yen and the soaring energy prices.
A trade deficit is typically the amount by which the cost of a country’s imports exceeds the overall value of its exports.
According to the report, preliminary data released by the Finance Ministry showed a trade deficit of almost 20 trillion yen for 2022, an equivalent of about 155 billion dollars.
The deficit for 2022 is the largest since comparable data was made available in 1979.
Japan’s imports surged a little above 39 per cent in yen terms, which outpaced an 18.2 percent increase in exports, the report said.
Costs for crude oil, coal, and liquefied natural gas were up significantly.
The weaker yen also contributed to the rise in their prices. (ANI)