Japan trade deficit swells to record in 2014

Two men fish near an oil refinery in Kawasaki, near Tokyo in this file photo. Japan’s trade deficit of US$109bil in 2014 was 11.4% wider than in 2013. However, falling oil prices may briefly return the trade balance to surplus in coming months - Reuters Photo.

TOKYO: Japan’s trade deficit swelled to a record US$109bil in 2014, data showed Monday, mostly because of huge post-Fukushima energy bills, but analysts said a recent drop in oil prices would shrink the yawning gap.

The shortfall of 12.78 trillion yen, Japan’s fourth consecutive annual deficit, was 11.4% wider than 2013 and was the worst since records began in 1979, according to the finance ministry.