Japan trade deficit grows despite improved exports as oil prices surge

Japan’s trade deficit for the first half of this year totaled nearly 8 trillion yen ($58 billion), because of surging oil prices and a sinking yen, brought on partly by the war in Ukraine, and weaker global demand.

The deficit for the period from January through June marked the second consecutive half-year of deficits. The deficit for the six months ended in June totaled 7.92 trillion yen ($57 billion), according to Finance Ministry data released Thursday.

The deficit persisted even as imports for the six months shrank nearly 38% to 53.86 trillion yen ($390 billion), while exports grew 15% to 45.94 trillion yen ($332 billion).