Japan posts $5 billion trade deficit in January

Tokyo: Japan posted a goods trade deficit of 645 billion yen (about $5 billion) in January on weak exports amid poor economic situation around the world, the government said on Thursday.

The finance ministry said that the value of exports fell 12.9 percent year-on-year to about $46 billion, marking the fourth straight month of decline, while imports also dropped 18.0 percent to $52 billion for the 13th consecutive month, Xinhua news agency reported.

According to the ministry, Japan`s exports to China plunged 17.5 percent to around $7 billion for the sixth straight monthly decline, while imports from China was down 6.0 percent to around $14 billion for the fourth straight month.

Shipments to the US fell 5.3 percent, while imports dropped 9.7 percent.

Exports to the European Union (EU) declined 3.6 percent and imports from the EU increased 6.0 percent.