Subaru cars for export park at Kawasaki port, near Tokyo on Sept. 7, 2021. (AP Photo/Koji Sasahara)
TOKYO (Kyodo) -- Japan's imports in November surged 43.8 percent in value to hit a record level on higher crude oil costs and the yen's weakness, leading the country to post its largest trade deficit since January 2020, government data showed Thursday.
Imports of goods jumped to 8.32 trillion yen ($72.9 billion), the largest figure since comparable data became available in January 1979, while exports soared 20.5 percent to 7.37 trillion yen, resulting in a goods trade deficit of 954.8 billion yen, the Finance Ministry said in a preliminary report.
The trade balance logged red ink for the fourth consecutive month with imports rising for the 10th straight month on growing prices of crude oil from producers such as the United Arab Emirates.
Exports were up for the ninth consecutive month, led by robust iron and steel product demand from South Korea and semiconductor-making equipment from China.
Japan's car exports rose for the first time in three months, but the year-on-year pace of acceleration remained sluggish at 4.1 percent.
All figures were compiled on a customs-cleared basis.
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