Tokyo, January 19 (QNA) – Japan announced its biggest annual trade deficit of 19.97 trillion yen (155.27 billion dollars) in 2022, as raising energy and raw material prices and yen’s precipitous fall boosted import costs, offsetting growth in exports as the impact of the COVID-19 pandemic waned.
Kyodo News Agency said that according to a preliminary report by the Japanese Finance Ministry, “the value of imports jumped 39.2 percent to a record 118.16 trillion yen, led by crude oil, coal and liquefied natural gas, while exports grew 18.2 percent to 98.19 trillion yen, also a record high, due to increased shipments of cars and steel.”
The yen recorded its lowest level in more than three decades against the dollar, as the dollar averaged 130.77 yen in 2022, up 19.5 percent from 2021.
Japan’s trade surplus with Asia, including China, fell to 2.08 trillion yen, nearly a third of its 2021 level. (QNA)