ID :
26288
Fri, 10/24/2008 - 14:37
Auther :
Shortlink :
https://oananews.org//node/26288
The shortlink copeid
April-Sept. trade surplus dives 85% to lowest in more than 26 yrs
TOKYO, Oct. 23 Kyodo - Japan's trade surplus dived 85.6 percent in the April-September first half of fiscal 2008 from a year earlier to 802.0 billion yen, the lowest level in 26 and a half years, amid sharp hikes in energy prices and the global economic slowdown, the Finance Ministry said Thursday.
The surging energy import prices far outpaced growth in exports, which was tiny
as shipments bound for the United States and Europe declined as their economies
decelerated due to a global credit crisis.
The latest half-year trade surplus shrank for the second straight half-year
period at the fastest pace since comparable data became available in fiscal
1980.
It was the smallest amount since 645.0 billion yen marked in the second half of
fiscal 1981, when the nation's oil imports soared after the second oil shock,
the ministry said in a preliminary report.
Exports rose 2.5 percent to 42,904.3 billion yen for the 13th straight
half-year gain on growth in shipments of diesel oil and kerosene to China and
Singapore, as well as in steel exports to South Korea.
Imports gained 16.1 percent for the 12th consecutive half-year rise to hit a
record 42,102.3 billion yen. Double-digit increases in crude oil, liquefied
natural gas and coal imports catapulted the first-half amounts to a record high
level.
Crude oil imports soared 60.5 percent in the first-half of fiscal 2008 from a
year earlier to a record 9,345.1 billion yen, with average prices surging 76.4
percent on year. Oil prices averaged $119.8 per barrel in the six-month period.
Yoshiki Shinke, senior economist at the Dai-ichi Life Research Institute, said
that the dive in the April-September trade surplus clearly indicates that hikes
in energy prices widened Japan's trading loss and damaged the economy.
''Inflated import prices hurt corporate profits and increased burdens on
households, leading the nation's economy to enter into a contraction phase,''
he said.
Shinke said from October, Japan's import growth is expected to decelerate with
recent nosedives in crude oil and other commodity prices, but that the nation's
exports will also slow down with negative effects from the credit turmoil
spreading to emerging economies.
He projected that Japan's trade surplus will not likely increase significantly
despite the crude oil price fall.
In September alone, Japan's trade surplus declined 94.1 percent on the year to
95.1 billion yen, down for the seventh month in a row.
The trade balance sank into the red in August, but growing exports to emerging
economies such as Russia and Middle East oil-producing countries helped the
balance swing into the black.
In the reporting month, exports increased 1.5 percent to 7,367.8 billion yen
for the third straight month of expansion, buoyed by brisk steel shipments to
South Korea and automobiles to Russia and Middle East nations.
Imports climbed 28.8 percent for the 12th straight month of growth to 7,272.7
billion yen on lingering spikes in import prices of crude oil, liquefied
natural gas and coal.
In the fiscal first half, the trade surplus with the United States dwindled
27.5 percent for the third half-year slip to 3,028.2 billion yen, with exports
shrinking 13.1 percent from a year earlier, also for the third consecutive
half-year fall.
U.S.-bound exports contracted to 7,253.4 billion yen on decreases in auto and
auto parts shipments.
Imports from the United States advanced 1.4 percent for the eighth straight
half-year gain to 4,225.2 billion yen with rises in wheat, corn and coal.
The trade surplus with the European Union fell 5.4 percent for the first
decline in six half-year periods to 2,145.0 billion yen, as both exports and
imports decreased for the first time in 13 half-year periods.
Japan's trade surplus with the rest of Asia expanded 9.7 percent for the fifth
consecutive half-year increase to a record 5,122.2 billion yen, with exports up
6.4 percent and imports up 5.4 percent.
The trade deficit with China narrowed 47.4 percent to 551.5 billion yen.
China-bound exports grew 9.5 percent to a record 7,090.2 billion yen and
imports from the country went up 1.6 percent to 7,641.7 billion yen, also a
record-high figure.
The rise in exports was led by diesel oil, kerosene and vehicles, while
imports of steel and coal increased.
The trade figures are measured on a customs-cleared basis before adjustment for
seasonal factors.
==Kyodo
The surging energy import prices far outpaced growth in exports, which was tiny
as shipments bound for the United States and Europe declined as their economies
decelerated due to a global credit crisis.
The latest half-year trade surplus shrank for the second straight half-year
period at the fastest pace since comparable data became available in fiscal
1980.
It was the smallest amount since 645.0 billion yen marked in the second half of
fiscal 1981, when the nation's oil imports soared after the second oil shock,
the ministry said in a preliminary report.
Exports rose 2.5 percent to 42,904.3 billion yen for the 13th straight
half-year gain on growth in shipments of diesel oil and kerosene to China and
Singapore, as well as in steel exports to South Korea.
Imports gained 16.1 percent for the 12th consecutive half-year rise to hit a
record 42,102.3 billion yen. Double-digit increases in crude oil, liquefied
natural gas and coal imports catapulted the first-half amounts to a record high
level.
Crude oil imports soared 60.5 percent in the first-half of fiscal 2008 from a
year earlier to a record 9,345.1 billion yen, with average prices surging 76.4
percent on year. Oil prices averaged $119.8 per barrel in the six-month period.
Yoshiki Shinke, senior economist at the Dai-ichi Life Research Institute, said
that the dive in the April-September trade surplus clearly indicates that hikes
in energy prices widened Japan's trading loss and damaged the economy.
''Inflated import prices hurt corporate profits and increased burdens on
households, leading the nation's economy to enter into a contraction phase,''
he said.
Shinke said from October, Japan's import growth is expected to decelerate with
recent nosedives in crude oil and other commodity prices, but that the nation's
exports will also slow down with negative effects from the credit turmoil
spreading to emerging economies.
He projected that Japan's trade surplus will not likely increase significantly
despite the crude oil price fall.
In September alone, Japan's trade surplus declined 94.1 percent on the year to
95.1 billion yen, down for the seventh month in a row.
The trade balance sank into the red in August, but growing exports to emerging
economies such as Russia and Middle East oil-producing countries helped the
balance swing into the black.
In the reporting month, exports increased 1.5 percent to 7,367.8 billion yen
for the third straight month of expansion, buoyed by brisk steel shipments to
South Korea and automobiles to Russia and Middle East nations.
Imports climbed 28.8 percent for the 12th straight month of growth to 7,272.7
billion yen on lingering spikes in import prices of crude oil, liquefied
natural gas and coal.
In the fiscal first half, the trade surplus with the United States dwindled
27.5 percent for the third half-year slip to 3,028.2 billion yen, with exports
shrinking 13.1 percent from a year earlier, also for the third consecutive
half-year fall.
U.S.-bound exports contracted to 7,253.4 billion yen on decreases in auto and
auto parts shipments.
Imports from the United States advanced 1.4 percent for the eighth straight
half-year gain to 4,225.2 billion yen with rises in wheat, corn and coal.
The trade surplus with the European Union fell 5.4 percent for the first
decline in six half-year periods to 2,145.0 billion yen, as both exports and
imports decreased for the first time in 13 half-year periods.
Japan's trade surplus with the rest of Asia expanded 9.7 percent for the fifth
consecutive half-year increase to a record 5,122.2 billion yen, with exports up
6.4 percent and imports up 5.4 percent.
The trade deficit with China narrowed 47.4 percent to 551.5 billion yen.
China-bound exports grew 9.5 percent to a record 7,090.2 billion yen and
imports from the country went up 1.6 percent to 7,641.7 billion yen, also a
record-high figure.
The rise in exports was led by diesel oil, kerosene and vehicles, while
imports of steel and coal increased.
The trade figures are measured on a customs-cleared basis before adjustment for
seasonal factors.
==Kyodo
