Japan trade with Russia up by 31% due to growing fuel prices

TEHRAN, Sep. 15 (MNA) – Japan’s trade with Russia increased by 31% in August as compared with the same period last year largely due to the growth of global prices on fuels, figures released by the Japanese finance ministry said Thursday.

 Japan’s trade with Russia increased by 31% in August as compared with the same period last year largely due to the growth of global prices on fuels, which entailed the growth in the imports of Russian energy sources, according to the trade statistics released by the Japanese finance ministry on Thursday, according to Russi's TASS news agency.

Japan’s imports of Russian liquefied natural gas (LNG) grew by 211% in August 2022 on August 2021 and by 386% in monetary terms. In August, Japan continued to import Russian oil, which was resumed in July after June’s suspension. However, the import volume decreased by 20.3% on the previous year. In monetary terms, on the contrary, oil import demonstrated a 54% growth amid the global prize rise.

Japan also decreased imports of Russia coal by 32.6%, but it nevertheless increased in monetary terms by 120.2%

The overall cost of import of Russian mineral fuels, which account for 70% of import from Russia, went up by 135% in August amid the global price rise and the yen weakening. So, import from Russia increased by 67.4%, to 164.1 billion yen (around 1.14 billion US dollars). Apart from that, Japan increased imports of vegetables by 154.4%, but reduces import of grain by 95.2% and of soybeans - by 94.1%

Japan's export to Russia diminished by 21.5%, to 54.95 billion yen (around 383 million US dollars). Japan’s export of computers increased by 107.1%, and their components - by 161% Exports of cars to Russia went up by 5.8% but decreased export of buses and trucks by 51.2% Export of spare parts for cars shrank by 73.6%

Thus, bilateral trade increased by 31% as compared with the last year, to 219 billion yen (some 1.53 billion US dollars). However, Japan’s trade deficit increased by 290% on last year, to 109 billion yen (761 million US dollars).

MNA/PR

News Code 191465

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