Japan's trade balance swung to a deficit of ¥943.4 billion ($8.9 billion) in January, falling into the red for the first time in eight months after imports rose due largely to the higher cost of natural resources, government data showed Monday.
The deficit was still 13.6 percent smaller than the ¥1.09 trillion deficit recorded a year ago, as exports grew 12.2 percent to ¥6.09 trillion helped by strong demand for hybrid cars and semiconductor production machinery from China.
Imports climbed 7.9 percent to ¥7.03 trillion, reflecting a surge in the value of crude oil imports, the Finance Ministry said in a preliminary report. Crude oil imports registered an 11.4 percent increase to ¥711.3 billion, up for the 14th straight month.