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13753
Fri, 07/25/2008 - 12:11
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https://oananews.org//node/13753
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2008 1st-half trade surplus dips 42.1%, June exports down
TOKYO, July 25 Kyodo - Japan's trade surplus in the first half of 2008 dropped 42.1 percent from a year earlier to 2,958.6 billion yen, posting the largest fall since the first half of 2001, as imports grew faster than exports on the back of fuel pricesurges, the Finance Ministry said Thursday.
In June alone, the nation's customs-cleared trade surplus plunged 88.9 percent worldwide from a year earlier to 138.6 billion yen, with exports sinking 1.7 percent, the first decline in 55 months, and imports climbing 16.2 percent to a record level, the ministry said in a preliminary report.
During the six-month period, the trade surplus logged the first decrease in four half-year periods. The yen's appreciation against other major currencies is also believed to have contributed to the decline in surplus.
In the January-June first half period, the yen strengthened 13.6 percent against the U.S. dollar on average from year-before levels.
Exports rose 3.9 percent for the 13th straight half-year gain to 41,926.3 billion yen on expansion in automobile shipments to Russia and the Middle East, and Japan's light diesel oil exports.
Imports advanced 10.5 percent for the 12th consecutive half-year rise to hit a record 38,967.7 billion yen, buoyed by double-digit gains in crude oil, liquefied natural gas and coal imports.
Crude oil imports soared 54.0 percent in the first-half of 2008 from a year earlier to a record 8,207.9 billion yen, with average prices surging 65.5 percent on year. Oil prices averaged $100.9 per barrel in the six-month period.
Taro Saito, a senior economist at NLI Research Institute, said the trade data clearly showed downward trends in Japan's exports, and the country's half-year trade balance may post a deficit in the near future for the first time since the January-June period of 1980 in the aftermath of the second oil shock.
''Japan's trade balance barely registered a surplus in the first half of this year, but whether it remains in the black will depend on future crude oil price movements,'' Saito said.
He pointed out that Japan's exports to areas other than the United States have been weakening due to the global economic slowdown.
By region, trade surplus with the United States shrank 17.2 percent for the third half-year slip to 3,399.5 billion yen, with both exports and imports posting declines from a year earlier.
U.S.-bound exports contracted 9.2 percent for the second half-year period to 7,545.8 billion yen on dips in auto and auto parts shipments.
Imports from the United States dropped 1.3 percent for the first tumble in six half-year periods to 4,146.3 billion yen with falls in audio and visual electronics.
The trade surplus with the European Union rose 3.6 percent for the fifth straight half-year period of growth to a record 2,419.5 billion yen, on 1.5 percent growth in exports and 0.2 percent gain in imports.
Japan's trade surplus with the rest of Asia expanded 21.8 percent for the fourth consecutive half-year increase to 4,708.5 billion yen, the second highest level on record, with exports up 6.4 percent and imports up 2.6 percent.
The trade deficit with China narrowed 50.5 percent to 646.1 billion yen, as exports increased 8.7 percent and imports sank 1.8 percent. The rise in exports was led by light diesel oil and vehicles, while imports of clothing and eel dropped.
Trade data are measured on a customs-cleared basis before adjustment for seasonal factors.
In June alone, the nation's customs-cleared trade surplus plunged 88.9 percent worldwide from a year earlier to 138.6 billion yen, with exports sinking 1.7 percent, the first decline in 55 months, and imports climbing 16.2 percent to a record level, the ministry said in a preliminary report.
During the six-month period, the trade surplus logged the first decrease in four half-year periods. The yen's appreciation against other major currencies is also believed to have contributed to the decline in surplus.
In the January-June first half period, the yen strengthened 13.6 percent against the U.S. dollar on average from year-before levels.
Exports rose 3.9 percent for the 13th straight half-year gain to 41,926.3 billion yen on expansion in automobile shipments to Russia and the Middle East, and Japan's light diesel oil exports.
Imports advanced 10.5 percent for the 12th consecutive half-year rise to hit a record 38,967.7 billion yen, buoyed by double-digit gains in crude oil, liquefied natural gas and coal imports.
Crude oil imports soared 54.0 percent in the first-half of 2008 from a year earlier to a record 8,207.9 billion yen, with average prices surging 65.5 percent on year. Oil prices averaged $100.9 per barrel in the six-month period.
Taro Saito, a senior economist at NLI Research Institute, said the trade data clearly showed downward trends in Japan's exports, and the country's half-year trade balance may post a deficit in the near future for the first time since the January-June period of 1980 in the aftermath of the second oil shock.
''Japan's trade balance barely registered a surplus in the first half of this year, but whether it remains in the black will depend on future crude oil price movements,'' Saito said.
He pointed out that Japan's exports to areas other than the United States have been weakening due to the global economic slowdown.
By region, trade surplus with the United States shrank 17.2 percent for the third half-year slip to 3,399.5 billion yen, with both exports and imports posting declines from a year earlier.
U.S.-bound exports contracted 9.2 percent for the second half-year period to 7,545.8 billion yen on dips in auto and auto parts shipments.
Imports from the United States dropped 1.3 percent for the first tumble in six half-year periods to 4,146.3 billion yen with falls in audio and visual electronics.
The trade surplus with the European Union rose 3.6 percent for the fifth straight half-year period of growth to a record 2,419.5 billion yen, on 1.5 percent growth in exports and 0.2 percent gain in imports.
Japan's trade surplus with the rest of Asia expanded 21.8 percent for the fourth consecutive half-year increase to 4,708.5 billion yen, the second highest level on record, with exports up 6.4 percent and imports up 2.6 percent.
The trade deficit with China narrowed 50.5 percent to 646.1 billion yen, as exports increased 8.7 percent and imports sank 1.8 percent. The rise in exports was led by light diesel oil and vehicles, while imports of clothing and eel dropped.
Trade data are measured on a customs-cleared basis before adjustment for seasonal factors.
