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Economy

Japan's current account surplus falls 40% in October

Trade deficit hits nine-month high as imports grow on higher oil prices

A gas station in Yokohama, Japan. Rising crude oil prices pushed up Japan's imports in October by more than 20% from a year earlier.

TOKYO -- Japan's current account surplus took a 40% year on year fall in October, to 1.3 trillion yen ($11.6 billion), the Finance Ministry said on Monday, citing import growth of more than 20% due to higher crude oil prices.

The trade account -- the difference between exports and imports -- showed a deficit of 321.7 billion yen, a nine-month high.

Imports grew 20.5%, to 7.41 trillion yen, with gains in crude oil and liquefied natural gas. Exports grew 7.7% to 7.08 trillion yen thanks to a rebound in sales of cars and other items after natural disasters caused a slump in September. The growth rate was less than the rise in imports.

The Finance Ministry said it has "not recognized" any impact from the U.S.-China trade battle.

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