Fall in exports to the US worsens Japan’s trade deficit
In July, Japan's trade deficit stood at 17.5 billion yen due to a 24 % drop in exports to the United States
During July, Tokyo’s exports to Washington fell 24 %, worsening Japan’s fiscal deficit to 17.5 billion yen (€683 million).
This is the third consecutive deficit, “in a context marked by the slowdown in trade with the United States, its second-largest trading partner,” amid the Trump administration’s implementation of tariffs, which have significantly affected exports.
Regarding Japanese exports to the US, the figure stood at 1.7 trillion yen (€10.03 billion), representing a year-over-year decrease of 10.1 %. It should be noted that last month, the Asian country “continued to face a base tariff of 10 % imposed by President Trump in April.” Added to this are the tariffs of 25 % on Japanese vehicles.
“Globally, Japanese exports fell 2.6 % year-over-year in July, to 9.35 trillion yen (€57.5 billion), while imports fell 7.5 %, to 9.47 trillion yen (€58.3 billion).”
M.Pino
Source: elpais
(Reference image source: taro ohtani en Unsplash)
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