Japan records trade deficit as surging global prices pushes imports higher

AP Business Writer

TOKYO (AP) — Japan racked up a 621 billion yen, or $4.3 billion, trade deficit in July, as prices of imports surged. The Finance Ministry said Wednesday that Japan’s imports grew nearly 17% from a year ago to 10.2 trillion yen, or $70.6 billion. Exports grew 10% to 9.6 trillion yen, or $66 billion. Imports grew in meat and other food, as well as iron, underlining a relatively healthy domestic economy, where consumer spending improved amid rising wages. Exports grew to the U.S., China and Brazil, in items such as plastic, paper products and computer parts.