Japan logs 1st trade deficit in 3 years

Added On April 19, 2019

According to a Japanese government report released on Wednesday, Japan has logged its first trade deficit in three years.
Economy report has the details.
According to the report from Japan's Finance Ministry, Japan's deficit in the year through March stood at 14.18 billion U.S. dollars. 
From a year earlier, Japanese exports increased 1.9 percent, while imports climbed 7.1 percent.
Japan's economy relies heavily on its export sector, but overseas demand has diminished as regional competition has increased.
Some economists point out that a backdrop of slowing demand has also led to major economies reining in capital spending.
Japan's trade surplus with the United States dropped 6.7 percent to 58.29 billion U.S. dollars, after exports rose just 2.9 percent to 139.52 billion U.S. dollars.
Japan's trade deficit with China increased for the first time in three years to 31.95 billion U.S. dollars.
Meanwhile, Japan's trade surplus with Asia fell for the first time in five years, plummeting 14.4 percent to 44.63 billion U.S. dollars.
Japan logged a trade deficit with the European Union for a seventh successive year.