Japan’s trade deficit hits record $17.8 billion as Iran war sends oil import prices soaring

Japan’s trade deficit reached 2.81 trillion yen ($17.8 billion) for the first fiscal half, according to government data released Wednesday, as the war in Iran sent oil import prices soaring. The Finance Ministry’s preliminary data showed that Japan’s exports for the April-September period grew 18.4% from the same period the previous year to 63.5 trillion yen, while imports soared to 66.3 trillion yen, up 20.4% year-over-year. Both were record highs for Japan. The soaring price of oil affects a wide range of sectors, including plastic goods and shipping costs.

Source: Fortune Crypto