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TOKYO: Japan reported a rare trade deficit in October as exports of automobiles and electronic devices tumbled amid a global economic slowdown, official figures showed Thursday.
The deficit of 63.9 billion yen (665 million dollars) reversed a surplus of 999.4 billion yen a year before. The average market forecast was for a surplus of 104.8 billion yen.
Exports fell 7.7 per cent from a year earlier to 6,926.1 billion yen, making the first drop in four month. Shipments of automobiles plunged 15.0 per cent while those of electronic devices sank 12.6 per cent.
Imports rose 7.4 per cent to 6,990.1 billion yen, an increase for the 13th consecutive month and a record level for the month of October, as high energy costs continued to push up the value of imports.
The surplus with the United States dropped 27.5 per cent while that with the European Union shrank 24.8 per cent.
The surplus with the rest of Asia tumbled 38.7 per cent as the deficit with China expanded 27.3 per cent due to a downturn in exports.
Japan has historically enjoyed a large trade surplus thanks to brisk demand for its cars and other goods but the recent financial turmoil and a strong yen hit exports.
Japan last reported a trade deficit in August. It was the first red figure in 26 years excluding the month of January, when exports tend to be slow due to New Year holidays.
- AFP/yt
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