Japan's exports and imports hit record highs in value in the first half of fiscal 2005, while the customs-cleared trade surplus fell sharply as soaring crude oil prices inflated the value of imports, the Finance Ministry said Wednesday.
Exports grew 5.9 percent in the April-September period compared with the same period last year to 32.463 trillion, yen the highest level on record, reflecting brisk trade with China and other Asian economies, the ministry said in a preliminary report.
Imports rose 15.5 percent to 28.404 trillion, yen also the highest on record, as surging oil prices pushed up overall import prices, it said.
Crude oil prices in the first fiscal half stood at an average of $53.2 per barrel on a customs-cleared basis, up 45.0 percent from the same period last year, a ministry official said.
Because growth in imports outpaced that of exports, the customs-cleared trade surplus shrank 33.1 percent to 4.059 trillion yen for the second straight half-year decline.
Economists expect the trade surplus to keep shrinking in coming months.