China Drying News comprehensive Japanese media reported that in 2012 Japan’s trade deficit was almost 7 trillion yen, which caused a trade deficit for two consecutive years. Among them, Japan’s trade deficit with China reached 3 trillion 521.3 billion yen, both hitting a record high.
Kyodo News reported that the preliminary statistics of Japan's Ministry of Finance’s trade statistics (according to customs clearance) announced on the 24th indicated that the trade balance deficit in 2012 was 6.9273 trillion yen (approximately 490 billion yuan), which was the result of the 1980 reforms. The secondary oil crisis hit a record high of 2,212.9 billion yen.
The reason is that, on the one hand, the slowdown in the global economy due to the European debt crisis and the deterioration of Sino-Japanese relations have led to a decline in exports. On the other hand, the import volume of liquefied natural gas (LNG) and crude oil has increased significantly after thermal power replaced nuclear power. The huge deficit reflects the severe challenges facing Japan’s economic growth model, which uses export revenue for investment. The launch of an effective and feasible new strategy for stable economic growth has become a crucial task for the Abe administration.
According to a report from the Japan News Network, in the past year, Japan’s trade deficit with China has hit the largest deficit so far, reaching 3,5211.3 billion yen, which is higher than the 3,026.9 billion yen in 2011. 258.4 billion yen.
The deterioration of Sino-Japanese relations has led to a significant reduction in Japan’s exports to China. In 2012, Japan’s overall external exports decreased by 2.7%, but its exports to China decreased by 10.8%, especially the export of automobiles and auto parts.
In the whole year of 2012, the export volume was 6,374,460 million yen, a decrease of 2.7% from the previous year, and the import volume was 70,672 billion yen, an increase of 3.8%. The first trade deficit with the EU countries was a deficit.
At the same time, the trade deficit announced in December 2012 was 641.5 billion yen, which represented a consecutive deficit for the sixth consecutive month and set a record high for the same period.
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