This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.guardian.co.uk/business/2012/apr/19/japan-trade-deficit-record-high
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Japan trade deficit hits record high | Japan trade deficit hits record high |
(about 1 hour later) | |
Japan has reported its biggest fiscal year trade deficit ever, a contrast from decades of surpluses on booming exports, as the nuclear crisis brought about by the March 2011 tsunami boosted oil and gas imports. | Japan has reported its biggest fiscal year trade deficit ever, a contrast from decades of surpluses on booming exports, as the nuclear crisis brought about by the March 2011 tsunami boosted oil and gas imports. |
The finance ministry's preliminary trade data puts Japan's trade deficit for fiscal 2011 at ¥4.41 trillion (£33.6bn) as the nation imported oil and gas to make up for an electricity shortfall. | The finance ministry's preliminary trade data puts Japan's trade deficit for fiscal 2011 at ¥4.41 trillion (£33.6bn) as the nation imported oil and gas to make up for an electricity shortfall. |
All but one of Japan's 54 nuclear reactors have been offline since the nuclear crisis sparked in March 2011 by the tsunami in north-eastern Japan. The central government is eager to restart some of the reactors and has been carrying out safety tests, but local officials have been wary of giving the go-ahead. | |
The March 2011 disaster also hurt manufacturing, not only in the north-east of the country but for those companies that had counted on supplies from that area. Exports dropped 3.7% from the previous fiscal year while imports climbed 11.6%. | The March 2011 disaster also hurt manufacturing, not only in the north-east of the country but for those companies that had counted on supplies from that area. Exports dropped 3.7% from the previous fiscal year while imports climbed 11.6%. |
The tsunami destroyed backup generators at Fukushima Daiichi nuclear plant, sending three reactors into meltdown and setting off the world's worst nuclear disaster since Chernobyl. | The tsunami destroyed backup generators at Fukushima Daiichi nuclear plant, sending three reactors into meltdown and setting off the world's worst nuclear disaster since Chernobyl. |
The latest figures are striking, given Japan's past reputation as a major exporter, when the scale of its surpluses were at times the target of international criticism. | |
Analysts said that if expensive fuel imports continue, Japanese consumers are likely to face higher utility bills, which could dampen consumer spending and further the economy. | Analysts said that if expensive fuel imports continue, Japanese consumers are likely to face higher utility bills, which could dampen consumer spending and further the economy. |
Japan had posted its first trade surplus in five months in February, thanks to a recovery in car and electronics exports to the US, but the figures were back in the red for March, with a ¥82.5 bn deficit. | Japan had posted its first trade surplus in five months in February, thanks to a recovery in car and electronics exports to the US, but the figures were back in the red for March, with a ¥82.5 bn deficit. |
In fiscal 2010, Japan had a ¥5.3tn trade surplus, up 2.8% from the previous fiscal year. In fiscal 2007, the surplus was nearly double the 2010 figure. | In fiscal 2010, Japan had a ¥5.3tn trade surplus, up 2.8% from the previous fiscal year. In fiscal 2007, the surplus was nearly double the 2010 figure. |
Previous version
1
Next version