Japan's August Trade Deficit Tops ¥1.1 Trillion as U.S. Oil Imports Surge 1,026%
Updated
Updated · CNBC · Sep 16
Japan's August Trade Deficit Tops ¥1.1 Trillion as U.S. Oil Imports Surge 1,026%
3 articles · Updated · CNBC · Sep 16
Summary
¥1.1 trillion marked Japan’s August trade deficit, the first time the gap has exceeded ¥1 trillion since January.
Petroleum imports drove the widening shortfall, jumping 58.7% by value as the Iran war kept oil prices high and Japan paid a premium to replace Middle East crude with U.S. supplies.
U.S. petroleum imports soared 1,026% from a year earlier, while Japan’s average oil import price reached $103 a barrel, above August Brent’s $94 average; Capital Economics said U.S. crude averaged $110.
Exports still grew 19.3% in August, beating the 18.2% Reuters forecast, with semiconductor equipment shipments up 52.3%, exports to China rising 20.6% and to the U.S. 24.9%.
The data lands days before the Bank of Japan’s policy meeting, where it is widely expected to raise rates as inflation accelerates.