TOKYO: Japan’s trade deficit more than halved in 2023 to 9.29 trillion yen (about US$63 billion) from the previous year, with overall exports hitting a record high, government data showed Wednesday, reported Xinhua.

Total exports grew 2.8 per cent to 100.89 trillion yen, surpassing the 100 trillion yen mark for the first time, the highest level since comparable data became available in 1979, according to preliminary figures released by the Ministry of Finance.

Shipments of automobiles climbed 32.7 per cent, while those of construction and mining machinery increased 16.2 per cent, data showed.

Meanwhile, imports fell 7.0 per cent to 110.18 trillion yen, down 7 per cent, due to lower oil and gas prices.

Strong export growth helped resource-scarce Japan, hit by surging import costs and a weaker yen that inflated them further, to trim its trade deficit. But it was still in the red for the third straight year, Kyodo News said.

For December alone, exports rose 9.8 per cent from a year earlier, while imports slipped 6.8 per cent, resulting in a monthly trade surplus of 62.1 billion yen. – Bernama