TOKYO (AP) — Japan is reporting its fifth straight month of trade deficits for November, marking a lengthy span of lagging exports that highlights a struggling economy.
The Finance Ministry released data Wednesday showing the trade deficit soared nearly 38 percent last month compared to November the previous year.
November exports stood at 4.98 trillion yen ($59.3 billion), while imports totaled 5.94 trillion yen ($70.7 billion), making for a deficit of 953.4 billion yen ($11.4 billion).
Japanese companies are moving production abroad to compete globally. Exports to China plunged following a territorial dispute that set off anti-Japanese sentiments and a boycott. Energy imports have shot up since the nuclear disaster.
The political party that made a comeback in Sunday’s election is making economic revival a priority, promising public spending and an inflation target.