Japan logged a trade deficit of ¥ 1.3 trillion ($12.75 billion) in December for the 18th consecutive month of trade loss amid growing imports of petroleum and liquefied natural gas, the Government said on Monday.
Japan’s imports jumped 24.7 per cent from a year earlier to ¥ 7.41 trillion yen, rising for the 14th straight month, while its exports grew 15.3 per cent to ¥ 6.11 trillion, the Finance Ministry said in a preliminary report.
Japan has imported more fossil fuel for power generation since the shutdown of nuclear reactors across the country following the country's worst atomic disaster at the Fukushima Daiichi Nuclear Power Station, triggered by the March 2011 earthquake and tsunami.
Petroleum imports climbed 23.1 per cent from a year earlier, and those of liquefied natural gas rose 33.1 per cent, the ministry said.
Imports from China, Japan’s biggest trading partner, grew 29.2 per cent from a year earlier to 1.6 trillion yen, while exports to the country jumped 34.4 per cent to ¥ 1.22 trillion.
Japan’s trade deficit with the world’s second-largest economy rose 14.9 per cent to ¥ 383.5 billion in August for the 22nd consecutive month of loss.
Shipments to the United States climbed 13 per cent to ¥ 1.13 trillion for the 12th straight month of increase with export of vehicles rising 5.3 per cent.
In 2013, Japan booked a record trade deficit of ¥ 11.47 trillion, up 65.3 per cent from the previous year, due to the falling yen and growing fossil-fuel imports.
A fall in currency increases the yen price of foreign goods, notably fossil fuels, which are for the most part priced in dollars.