Japan's Trade Deficit Hits ¥634.5 Billion Amid Crude Oil Price Surge

Japan's trade deficit continued for a third consecutive month in July, reaching ¥634.5 billion due to rising crude oil prices.

The deficit is attributed to the prolonged turmoil in the Middle East, which has driven up import costs for items such as crude oil.

According to preliminary trade statistics released by Japan's Ministry of Finance, exports rose 23.2% from a year earlier to ¥11.5117 trillion, marking the 11th consecutive month of increase.

Rising import costs, however, weighed on the trade balance, with crude oil imports increasing alongside imports of semiconductors and electronic components from Asia, and non-ferrous metals such as silver from South Korea.