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FILE - Cars for export are loaded onto a cargo ship at a port in Yokohama, near Tokyo on Nov. 2, 2021. (AP Photo/Koji Sasahara, File)

Japan records trade deficit as surging global prices pushes imports higher

Japan racked up a 621 billion yen, or $4.3 billion, trade deficit in July, as prices of imports surged

By YURI KAGEYAMA
Published - Aug 20, 2024, 09:43 PM ET
Last Updated - Aug 20, 2024, 09:43 PM EDT

TOKYO (AP) — Japan racked up a 621 billion yen ($4.3 billion) trade deficit in July, as prices of imports surged, according to government data released Wednesday.

Japan’s imports grew nearly 17% from a year ago to 10.2 trillion yen ($70.6 billion), while exports grew 10% to 9.6 trillion yen ($66 billion), the Finance Ministry said.

Imports grew in meat and other food, as well as iron, underlining a relatively healthy domestic economy, where consumer spending improved amid rising wages.

Exports grew to the U.S., China and Brazil, but auto exports continued to suffer amid a scandal involving falsified testing that stalled production at some manufacturers, including Japan’s top automaker Toyota Motor Corp.

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