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Tokyo, June 17 (QNA) – Japan logged a trade deficit in May of 378.6 billion yen ($2.4 billion), its first trade shortfall in four months.
According to Kyodo News, data from Japan’s Finance Ministry showed that Japan purchased crude oil at a record-high price of 114,076 yen per kiloliter, up 67.2% from a year earlier, and at $114.6 per barrel, an increase of 52%. The deficit in May narrowed by 42.8% from a year earlier.
The also data showed that Japan’s oil imports fell 57.3% to 4.73 million kiloliters, driven by a 61.9% drop in shipments from the Middle East alone.
Exports rose 17% to 9.51 trillion yen, driven by shipments of semiconductors to China and automobiles to the United States.
Meanwhile, imports rose 12.5% from a year earlier to 9.89 trillion yen, while the value of crude oil imports fell 28.5% to 539.2 billion yen, with shipments from the Middle East declining 37.3% to 445.8 billion yen.
The data indicated that Japan, which relies on the Middle East for more than 90% of its crude oil imports, is working to diversify its sources of supply. (QNA)
