Testimonials

Service improved, great, we are kept well informed with a regular advice of all imports so we know what we are getting and when!

Import Customer
47228

R W Freight have given a first class service all round and the way you have dealt with our cargo is faultless too

Freight Client 068169

Imports are fine, the deliveries turn up on time!

Import Customer 58788

More Testimonials

air freight Australia Brexit Canada cargo China container containers Covid-19 Denmark exporters exports exports China Finland France freight freight forwarders freight forwarding Freight Shipping Germany Gothenburg Hong Kong imports India Ireland italy Japan logisitics logistics Netherlands Norway Poland rail freight russia Seafreight shipping South Africa Spain Sweden Sweden freight Swedish Switzerland Turkey USA wine

Japan trade gap narrows on lower oil prices

Tags: , ,


Japan’s trade deficit narrowed in February, due to a plunge in import costs due to lower crude oil prices.

The Finance Ministry said two weeks ago that the trade deficit fell 47 percent from a year earlier to 424.6 billion yen ($3.5 billion) last month, compared with a gap of 1.18 trillion yen in January. The gap was smaller than expected, but belied a weakening in export volumes.

Japan’s trade deficit usually narrows in February. Adjusted for seasonal factors, it actually expanded, while exports fell from the month before with a sharp drop in export volumes. In yen terms, vehicle and machinery exports rose, while imports from the Middle East, mostly of oil and gas, fell 43 percent.

Japan’s exports to the U.S. jumped 14 percent from a year earlier to 1.2 trillion yen (about $10 billion), but shipments to China fell more than 17 percent as the Chinese economy slowed.

Japan became a net importer as its import bill for oil and gas soared when its nuclear power plants were idled following the disaster at the Fukushima Dai-Ichi plant in March 2011. Movement of manufacturers overseas has also reduced export volumes, though the recovery of the U.S. economy has helped boost shipments to North America in recent months.