Japan posted its first trade deficit in almost two years in the first month of the year on slowing exports to Asia and surging commodity prices boosted import costs, according to Bloomberg. On Wednesday, the Finance Ministry of Japan announced that the nation’s trade balance was a deficit of ¥471.4 billion, which is the first since March 2009 as overseas shipments rose 1.4% from one year earlier. Despite the slowdown, Hiroaki Muto of Sumitomo Mistui Asset Management said, “Exports are in a recovery trend,” and that the slump was likely a blip in the strengthening trend.

Imports to Japan added 12.4% year-over-year in January, while exports added just 1% on the month, with export growth to China adding only 1% annually, which is the smallest such rise in about a year and a half. The lackluster export growth in Japan was announced as China’s Economic Monitoriing and Analysis Center reported that consumer confidence dropped to 100 in the fourth quarter from 104 previously, which is the lowest level since 2009. The data showed that consumers became “notably” less willing to spend.

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