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Japan falls into trade deficit in October

(Agencies)
Updated: 2008-11-20 10:58

TOKYO -- Japan posted a trade deficit in October as exports plunged, government data showed Thursday, indicating the country's recession may deepen as the global economic slowdown dampens demand for its goods overseas.

Nissan workers throw firecrackers as they protest against job cuts in Barcelona, November 18, 2008. Japanese car maker Nissan said they will cut thousands of jobs at its factory in Barcelona due to weak demand. [Agencies]

The world's second-largest economy is largely dependent on exports for income, and with scarce natural resources must import necessities like oil, coal and natural gas. News of the trade deficit comes after government data earlier this week showed the economy is already in a recession.

Related readings:  Japan's govt may extend rescue plan  Japan's economy unlikely to achieve growth in 2009: official  Japan slides into recession

In October, falling exports and higher imports combined to push the country into a trade deficit of 63.9 billion yen ($665.6 million).

Exports fell 7.7 percent from a year earlier to 6.93 trillion yen ($72.2 billion), as plunging sales of cars and semiconductor components overwhelmed gains in steel.

That included nearly double-digit falls in exports to the US and Europe, where the 15-country euro-zone is also in a recession.

Imports to Japan rose 7.4 percent to 6.99 trillion yen ($72.8 billion), but were lower than in recent months as fuel prices eased.

The deficit was Japan's second in three months. In August, the country posted a 332.1 billion yen deficit, which swung to an 88.5 billion yen surplus in September.

Shares in Tokyo fell Thursday following a big retreat overnight on Wall Street. Japan's benchmark Nikkei 225 stock index was down more than 4 percent at 7,932.18 during morning trade.