ID :
187148
Wed, 06/08/2011 - 09:30
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https://oananews.org//node/187148
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Japan April Current Account Surplus Dives on Disaster Impact
(Update)Tokyo, June 8 (Jiji Press)--Japan's current account surplus in April dived 69.5 pct from a year before to 405.6 billion yen as the trade balance fell into the red due to the impacts of the March 11 earthquake and tsunami, Finance Ministry data showed Wednesday.
The surplus, which was the lowest for April since comparable data became available in 1985, came against the median forecast of 200 billion yen in surplus among 23 economic research institutes. The nation's current account surplus shrank for the second straight month, according to the balance of payments data.
In goods trade, Japan posted a deficit of 417.5 billion yen, against the year-before surplus of 871.1 billion yen.
Exports fell 12.7 pct to 4,877 billion yen, down for the second straight month, since vehicle and semiconductor production dropped because of a delay in the work to restore the parts supply chains disrupted by the disaster.
By contrast, imports grew 12.3 pct to 5,294.5 billion yen reflecting surges in iron ore and oil prices. Japan's imports rose over 10 pct for the 16th consecutive month.
A ministry official said that exports are expected to rise back if progress is made in the postdisaster reconstruction work.
But the official also noted that imports are increasing sharply amid soaring resources prices, adding that Japan's trade and current account balances could be pressured if international commodity markets continue their sharp upswings.
In services trade, Japan suffered a deficit of 421.3 billion yen, larger than the year-before deficit of 396.4 billion yen, mainly because the number of visitors to the country fell over 60 pct year on year due to the disaster.
As a result, Japan logged a deficit of 838.8 billion yen in goods and services trade, compared with the year-before surplus of 474.6 billion yen.
Meanwhile, the income account surplus grew 34.9 pct to 1,330.8 billion yen, thanks chiefly to a rise in dividend income at overseas subsidiaries of Japanese companies.
The surplus, which was the lowest for April since comparable data became available in 1985, came against the median forecast of 200 billion yen in surplus among 23 economic research institutes. The nation's current account surplus shrank for the second straight month, according to the balance of payments data.
In goods trade, Japan posted a deficit of 417.5 billion yen, against the year-before surplus of 871.1 billion yen.
Exports fell 12.7 pct to 4,877 billion yen, down for the second straight month, since vehicle and semiconductor production dropped because of a delay in the work to restore the parts supply chains disrupted by the disaster.
By contrast, imports grew 12.3 pct to 5,294.5 billion yen reflecting surges in iron ore and oil prices. Japan's imports rose over 10 pct for the 16th consecutive month.
A ministry official said that exports are expected to rise back if progress is made in the postdisaster reconstruction work.
But the official also noted that imports are increasing sharply amid soaring resources prices, adding that Japan's trade and current account balances could be pressured if international commodity markets continue their sharp upswings.
In services trade, Japan suffered a deficit of 421.3 billion yen, larger than the year-before deficit of 396.4 billion yen, mainly because the number of visitors to the country fell over 60 pct year on year due to the disaster.
As a result, Japan logged a deficit of 838.8 billion yen in goods and services trade, compared with the year-before surplus of 474.6 billion yen.
Meanwhile, the income account surplus grew 34.9 pct to 1,330.8 billion yen, thanks chiefly to a rise in dividend income at overseas subsidiaries of Japanese companies.
