Japan’s trade deficit widened in April as the boost to exporters from a weaker yen was outweighed by rising prices for imports.

日本4月份贸易逆差扩大，因日元贬值造成的进口商品价格上涨超出了其对出口部门的提振作用。

Preliminary figures from the finance ministry on Wednesday showed that Japan posted a deficit of Y879bn in its trade balance last month, almost 70 per cent wider than a year earlier, as rising shipments of cars and iron and steel products were offset by much higher bills for fuel, food, clothing and semiconductors.

日本财务省周三公布的初步数据显示，日本上月的贸易逆差达到8799亿日元，较上年同期扩大了约70%，原因是汽车、钢铁等产品的出口量上升被燃料、食品、服装以及半导体进口成本大幅上涨的影响所抵消。

The total value of exports rose 3.8 per cent from a year earlier to Y5.78tn, while imports were up 9.4 per cent to Y6.66tn.

4月份出口总额较上年同期增长了3.8%，达到5.78万亿日元，而进口总额则增长9.4%，至6.66万亿日元。

The growth in imports beat expectations, and is an indication of “solid domestic demand,” said Shuji Tonouchi, a strategist at Mitsubishi UFJ Morgan Stanley in Tokyo.

三菱日联摩根士丹利(Mitsubishi UFJ Morgan Stanley)驻东京策略师殿内修司(Shuji Tonouchi)表示，进口增幅超出了市场预期，显示出“日本国内的需求稳健”。

A weaker yen has been a key element of the economic revitalisation programme of Japan’s prime minister, Shinzo Abe, who is pushing a multi-pronged strategy to overcome more than 15 years of deflation.

日元贬值是日本首相安倍晋三(Shinzo Abe)所推经济振兴计划的关键要素。安倍晋三正在推行一项涉及多个方面的战略，以期战胜日本超过15年的通货紧缩。

But so far, while the steep fall in the country’s currency since November last year has boosted exporters’ profits, causing stocks to rally sharply while improving the mood of consumers, it has yet to feed through to materially higher orders.

但到目前为止，虽然自去年11月以来日元的大幅贬值确实提高了出口部门的利润，并在拉动日本股市大幅上涨的同时增强了消费者信心，但其尚未导致出口订单数量出现实质性的提升。

Real export volumes dropped 5.3 per cent in April, the government figures showed, which was only a modest improvement on a 9.8 per cent year-on-year fall in March.

日本政府公布的数据显示，4月份的实际出口量下降了5.3%，较3月份高达9.8%的同比降幅仅有略微改善。

Economists say Japan’s figures are consistent with what they call the “J-curve effect”. Generally, a weaker currency improves a country’s trade balance over time, but in the short term it may actually boost a deficit because it can take several months for customers overseas to switch suppliers.

经济学家指出，日本的经济数据符合“J曲线效应”。总的来说，汇率走软会使一国的贸易状况在长期内有所改善，但就短期而言则可能扩大贸易逆差，因为海外客户调整供应商或需数月时间。

“The currency factor will likely help improve the [trade] balance starting in the second quarter,” said Naoki Iizuka, economist at Citi in Tokyo, before the release of Wednesday’s figures.

花旗(Citi)驻东京经济学家饭冢直树(Naoki Iizuka)在周三数据公布前表示：“汇率因素对贸易差额的改善作用很可能将自今年第二季度起开始反映出来。”

The data also confirmed that China has slipped behind the US as Japan’s number one export destination. Last month, trade figures for the full fiscal year showed that the world’s largest economy had reclaimed the top spot, amid slowing demand in China and a pick-up in demand in the US for Japanese cars and other manufactured goods.

数据还证实，美国已经超越中国成为日本的第一大出口目的地。上月公布的日本上一财年贸易数据表明，美国作为全球最大的经济体已经夺回了日本第一大出口目的地的位置，受来自中国的需求放缓、以及美国对日本产汽车和其他制造业产品的需求上升影响。

Japan’s exports to China in April came to Y998bn, little changed on a year earlier, while shipments to the US rose almost 15 per cent to Y1.1tn.

4月份日本对中国的出口总额达到9980亿日元，与上年同期基本持平，而对美国的出口额则增长了约15%，达到1.1万亿日元。