▲ Japanese Oil Tanker
Japan has posted a trade deficit for the third consecutive month as of last month.
According to preliminary trade statistics released by Japan's Ministry of Finance today (the 20th), the country recorded a trade deficit of 634.5 billion yen (approx. 5.6148 trillion won) in July, with imports exceeding exports.
The deficit has continued for three months since May, driven by mounting pressure from rising crude oil prices due to the prolonged turmoil in the Middle East.
The Nikkei reported that while exports of semiconductors and electronic components remained solid, rising import costs for items such as crude oil weighed on the trade balance.
Exports last month rose 23.2% from a year earlier to 11.5117 trillion yen (approx. 101.9 trillion won).
This marks the 11th consecutive month of increase, breaking the record for the all-time high once again.
The growth in exports was driven by increased automobile shipments to the U.S. and semiconductor and electronic component exports to China.
Imports increased by 27.8% to 12.1462 trillion yen (approx. 10.75 billion won), marking an upward trend for the sixth consecutive month.
This follows the previous month in June, marking a record high for the second straight month.
Crude oil imports increased, alongside rising imports of semiconductors and electronic components from Asia, and non-ferrous metals such as silver from South Korea.
Notably, crude oil import costs surged by 87.8% to 1.4089 trillion yen (approx. 12.5 trillion won).
The inability to pass through the Strait of Hormuz due to the Middle East conflict forced the procurement of crude oil via alternative routes, leading to higher costs.
The custom-cleared crude oil import unit price in yen terms jumped 78.0% to 116,382 yen per kiloliter (approx. 1,029,887 won).
Import volume also increased by 5.5% to 12.1 million kiloliters.
As a result of diversifying supply sources, crude oil imports from the Middle East dropped 32.8% year-on-year to 7.18 million kiloliters.
Imports of crude oil from the U.S. surged 9.2-fold to 439 kiloliters, marking the highest volume since related statistics began in 1979.
※
Copying, redistribution, and unauthorized use in AI training are strictly prohibited.