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The
trade deficit, which amounts to a nation’s imports subtracted
from its exports, totaled 461 billion yen ($3 billion) last
month, the Finance Ministry reported Wednesday.
Exports grew 3.1% in October from a year earlier, picking up
pace over recent months, as shipments of equipment for
semiconductor production increased.
But imports, up 0.4% from a year earlier, were still bigger than
exports.
A major uncertainty over trade is looming because of the
reelection of Donald Trump as U.S. president, in part because he
favors sharp increases in tariffs.
Exports are a chief engine of growth for Japan, the home of
Toyota Motor Corp., although such manufacturers have moved
production and investment abroad.
New Prime Minister Shigeru Ishiba has been busy meeting the
leaders of Asian nations, as well as Europe and South America,
to forge economic and trade relations, as well as security ties.
Ishiba, who has yet to meet Trump, was recently in Brazil for
the Group of 20 summit.
A weakening currency, which tends to accompany trailing growth,
is another worry for Japan. The U.S. dollar has been trading at
about 155 Japanese yen recently, up from 140-yen levels a year
ago.
Inflation and rising energy prices are pushing up import costs,
while slowing global demand dampens exports.
But the recent fall in overseas demand is believed to be partly
due to temporary disruptions like a typhoon, while the drop in
exports is related to auto production disruptions in Japan.
By region, exports rose to the rest of Asia, including Singapore
and Hong Kong. Exports to the U.S. slipped slightly.
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