Japan's Exports Soar in December While Imports Decline, Greatly Reducing Trade Deficit
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Japan's exports surged nearly 10% in December from a year earlier, helped by revived trade with China and strong demand for autos, machinery, and chips.
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Imports fell almost 7% in December, leaving a trade surplus of $410 million.
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A weak Japanese yen has helped exporters like Toyota and Sony, though it increases costs of imported oil and gas.
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Exports to China rose 10%, while exports to the U.S., Japan’s single largest market, jumped 20%.
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For 2022, Japan's exports grew 3% to $680 billion and imports fell 7% to $740 billion, reducing the trade deficit sharply from 2021.