Japan trade surplus drops sharply on higher oil imports
Japan trade surplus drops sharply on higher oil imports
Tokyo - Egypt Today
Japan's trade surplus fell sharply in November, the government said Monday, as the rising cost of oil and smartphone imports outweighed strong exports of cars and steel.
The world's third-largest economy logged a surplus of 113.4 billion yen ($1.0 billion), a 22-percent drop from a 146.5-billion-yen surplus a year earlier, according to finance ministry data.
Exports rose for the 12th consecutive month on sound exports of chip-making equipment, cars and steel.
But imports also grew for a 11th straight month, chiefly due to a rise in imports of smartphone handsets, crude oil and non-ferrous metals.
The ministry said the yen was on average 8.2 percent cheaper against the US dollar in November compared to the same month a year earlier, making Japan's imports costlier.
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