Japan's exports and imports hit the highest levels on record in fiscal 2005, but larger growth in imports spurred by surging oil prices dented the customs-cleared trade surplus for the first time in four years, the Finance Ministry said Thursday.
In the year ending March 31, exports grew 10.7 percent to 68.0 trillion yen, while imports expanded 19.9 percent to 60.4 trillion yen, pushing the trade surplus down 30.3 percent to 7.9 trillion yen, the ministry said in a preliminary report.
The smaller trade surplus stemmed from record-high oil prices, which inflated the value of imports. Crude oil prices averaged $56 per barrel in fiscal 2005, up 44.7 percent and lifting crude oil imports by 56.9 percent in value terms.