Japan's trade deficit down as decline in imports outpaces 3 percent drop in exports
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Japan reports its trade deficit fell nearly 60 percent from a year earlier in November as a drop in imports outpaced a 3 percent decline in its exports.
The data reported Thursday show Japan's exports to Asia dropped 8.7 percent from the year before, with an 8 percent fall in exports to China. Exports to the U.S. rose 2 percent.
Overall, imports fell 10 percent thanks largely to a drop in costs for imports of crude oil and gas.
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Japan's exports of machinery, one of its mainstays, fell in November, while shipments of vehicles rose.
Tepid demand overseas, especially in China, has been a persistent challenge as Japan, the world's No. 3 economy, struggles to keep its recovery on track.