Japan records a trade deficit for 4th month as oil imports soar

Japan’s trade deficit totaled $7 billion last month, as surging oil prices sent the cost of imports soaring. The Finance Ministry’s preliminary data released Wednesday showed the fourth straight month of such red ink. Resource-poor Japan imports virtually all its oil. Previously that came mostly through the Strait of Hormuz, which remains effectively closed due to conflicts in the Middle East. Japan’s imports in August rose 28% from the same month a year ago to $71.9 billion.

Exports rose 19.3% to $64.5 billion, mainly in computer chips and autos.

Read the original report at Apnews.