Japan posts $2.4B trade deficit in May
Japan recorded a trade deficit of $2.4 billion in May for the first time in four months, due to rising oil purchase prices that reached record levels, along with a decrease in oil imports by over 57% and a sharp decline from the Middle East by 61.9%. In contrast, exports increased by 17%, particularly in semiconductors and automobiles, while overall imports rose by 12.5%. Japan continues to diversify its sources of oil supplies after relying on the Middle East for more than 90%.
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