Japan’s trade deficit widened in October, as the country’s import bill continued to rocket upward, fueled by a historic slide in the yen that has already helped push the economy back into reverse.
The trade gap grew to ¥2.16 trillion ($15.5 billion) from ¥2.09 trillion, the finance ministry reported Thursday. The balance has now been negative for 15 straight months, the longest streak since 2015. Economists had expected a ¥1.62 trillion deficit.
Imports grew at the fastest pace since 1980 as the yen inflated already elevated commodity prices. The 53.5% gain was led by buying of crude oil, liquid natural gas, and coal. Analysts had expected a 50% rise in inbound shipments. Exports gained 25.3% driven by cars and semiconductor parts, for a slightly weaker increase than forecast by economists.