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Satoshi Osanai, economist at Daiwa Institute of Research in Tokyo, said the main contributor to the deficit was soaring fuel prices. Exports are recovering, especially in autos and construction machinery, a sector in which Japan remains globally competitive, he said. "We expect the overall structure of Japan having a surplus to return by fall," he said. The recent situation -- surging imports caused by high fuel prices -- is different from the fiscal year ended March 2009 when Japan had a trade deficit because exports plunged amid the global financial crisis, according to Osanai. Japan had posted its first trade surplus in five months in February, thanks to a recovery in auto and electronics exports to the U.S. But the ministry said Thursday that Japan's trade deficit sank back into the red for March, at 82.5 billion yen ($1.0 billion). Although Japan had managed to eke out a surplus in a few months over the last year, they were minuscule compared to the massive surpluses amassed in previous years. In fiscal 2010, Japan had a 5.3 trillion yen trade surplus, up 2.8 percent from the previous fiscal year. In fiscal 2007, the surplus had been nearly double the 2010 level. Japanese exports still remain weak to Europe, where some economies are in trouble, but they have recovered to North America, Asia and other parts of the world.
[Associated
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