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Japan logs record $155bn trade deficit for 2022 as fuel costs jump

Import growth outpaces export rise, with weak yen compounding pressure

Resource-poor Japan relies heavily on imported fuel, such as liquefied natural gas.   © Reuters

TOKYO -- Japan on Thursday reported a record annual trade deficit of 19.97 trillion yen ($155 billion) for 2022, after a combination of high commodity prices and a weak yen increased import costs.

According to preliminary data released by the Finance Ministry, Japan's exports grew 18% to 98.18 trillion yen last year, while imports increased 39% to 118.15 trillion yen.

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