Japan Exports, Imports Seen Hitting Record Highs in FY 2022

Economy

Tokyo, Dec. 9 (Jiji Press)--Japan's exports and imports are both forecast to hit record highs in value in fiscal 2022 following energy price rises and the yen's weakness, the Japan Foreign Trade Council has said.

The country's customs-cleared trade balance is expected to be in the red for the third consecutive year, according to the results of the council's survey released Thursday.

In volume, imports and exports are seen increasing only slightly, while in value, both will be pushed up markedly by price rises, according to the council.

Exports for the year ending next March are expected to rise 19.5 pct from the previous year to 102,619 billion yen, driven by general machinery and transportation machinery including automobiles.

Imports are forecast to increase a bigger 34.7 pct to 123,076 billion yen. Rises are expected for crude oil, liquefied natural gas and electric products such as electronic parts.

[Copyright The Jiji Press, Ltd.]

Jiji Press