Japan's current account surplus in the fiscal year starting in 2022 shrank 54.2% from a year earlier to ¥9.23 trillion ($68.8 billion), the lowest level since fiscal 2014, driven by a record goods trade deficit swollen by high energy prices and a weak yen, government data showed Thursday.

The surplus in the current account, one of the widest gauges of international trade, fell as the resource-poor country saw its goods trade deficit grow nearly twelvefold to ¥18.06 trillion and a weak yen inflated import costs, according to a preliminary report released by the Finance Ministry.

Imports jumped 35.0% to ¥117.68 trillion, with crude oil, coal and liquefied natural gas among major contributors. Exports rose 16.3% to ¥99.62 trillion on the back of increased shipments of vehicles.