Japan posts record $112B trade deficit in 2013
Japan has reported a larger-than-expected trade deficit of 11.47 trillion yen ($112 billion) for 2013, as rising costs for imports outstrip growth in exports.
The Finance Ministry reported Monday that provisional data show the trade deficit soared 65 percent from the year before. Exports rose 9.5 percent to 69.8 trillion yen ($680.9 billion), while imports jumped 15 percent to 81.3 trillion yen ($793.2 billion).
Japan's trade deficit in 2012 was 6.94 trillion yen. The deficit has been rising as costs for imports have surged with the weakening of the Japanese yen and increased purchases of foreign oil and gas to make up for the loss of nuclear power following the disaster in Fukushima due to the March 2011 earthquake and tsunami.
December's deficit was 1.3 trillion yen ($12.7 billion).
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)