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Japan’s trade deficit hits $6.8B in February

Japan’s trade deficit reached 897.7 billion yen ($6.8 billion) in February, indicating that the country still struggles to shake off the coronavirus impact amid high commodity prices and a weaker currency.

The figure was significantly down from January’s record gap of 3.5 trillion yen ($26.4 billion), but rising from 711.5 billion yen ($5.4 billion) in February 2022, the Finance Ministry data showed on Thursday.

This was the 19th consecutive month of a trade shortfall, the longest period since 2015.

Imports increased by 8.3% from a year ago in February, at the slowest pace since March 2021.

Exports rose at the softest rate in the last two years, up 6.5% thanks to strong outbound shipment of cars.

Japanese exports to the US increased 14.9% year-on-year, and to Europe by 18.6% in February, while those to China dropped 10.9%.

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