Japan suffered its first trade deficit in over three decades in 2011, a year that saw natural disasters and a nuclear crisis, a historic rise in the yen and a sharp drop-off in global demand stemming from the European financial crisis.

According to Finance Ministry statistics released Wednesday, exports were down by 2.7 percent from the previous year, slipping to ¥65.55 trillion. Imports, meanwhile, grew by 12 percent, to ¥68.05 trillion, for a trade deficit of ¥2.5 trillion.

The last trade deficit occurred in 1980, amid the second oil crisis. Japan had a ¥6.63 trillion trade surplus in 2010.