20 Jun '11, 1am

Japan logs US$10.7b trade deficit for May

TOKYO: Japan posted a bigger-than-expected trade deficit in May with exports hit as the impact of the March earthquake and tsunami took its toll on the world's third-largest economy, data showed Monday. Japan logged a deficit of 853.7 billion yen (US$10.7 billion) in its trade with the rest of the world, the second biggest monthly deficit since 1979 and the biggest shortfall for two-and-a-half years. The average market forecast was for a deficit of 744 billion yen. Exports in May tumbled 10.3 per cent from a year earlier to 4.76 trillion yen for the third straight month of declines, with shipments of automobiles plunging 38.9 per cent and electronic components falling 18.5 per cent. Imports rose 12.3 per cent to 5.61 trillion yen following the March 11 disasters to chalk up a year-on-year rise for the 17th consecutive month due to higher costs of oil and gas. "Given the en...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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