Japan registered a 1.67 trillion yen trade deficit during the first half of fiscal 2011 as exports fell sharply due to the Great East Japan Earthquake, according to data released Monday by the Finance Ministry.
The nation's trade balance fell into the red for the first time since the second half of fiscal 2008, when the bankruptcy of Lehman Brothers Holdings Inc. of the United States triggered the global economic downturn.
The 1.67 trillion yen deficit in the April-September period is the second-largest on record, after the 2.35 trillion yen deficit registered during the second half of fiscal 1979 when crude oil prices soared in the wake of the second oil crisis.
Exports of automobiles and semiconductors plunged after the March 11 quake, while imports of liquefied natural gas and other fuels increased as the electricity industry relied more on thermal power generation due to the suspension of many nuclear power plants after the quake.
Overall, exports dropped 3.8 percent from a year earlier to 32.81 trillion yen. The automobile industry slumped 18.4 percent over the period, although its exports did increase in August and September from a year earlier.
Exports of semiconductors and other electronic components declined 15.8 percent, due to a sluggish market and the aftereffects of the March quake.
In contrast, imports expanded 12.1 percent to 34.48 trillion yen. LNG and crude oil imports increased 40.3 percent and 24.9 percent, respectively, as a result of stronger demand.
Higher prices for natural resources also contributed to the increase.
The September trade balance recorded a surplus of 300.4 billion yen, moving into the black for the first time since July. Exports increased 2.4 percent from a year earlier to 5.98 trillion yen, while imports grew 12.1 percent to 5.68 trillion yen.
However, the trade surplus decreased 61.2 percent from a year earlier with growth in imports exceeding that in exports.
http://www.yomiuri.co.jp/dy/business/T111024003843.htm
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