Japan Trade Gap Narrows in April as Cheaper Oil Cuts Imports

May 25, 2015 12:15 AM

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Japan reports its trade deficit narrowed sharply in April from the previous year as the plunge in oil prices cut fuel import costs, while exports to the U.S. and the rest of Asia surged.

The Finance Ministry reported on Monday a 53.4 billion yen ($439.6 million) deficit in April, compared with an 825.5 billion yen deficit the year before. Exports rose 8 percent year-on-year to 6.55 trillion yen ($53.9 billion) while imports dropped 4.2 percent to 6.6 trillion yen ($54.3 billion).

Also read: U.S. Industrial Production Rose 0.7% in April

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