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69579
Thu, 07/09/2009 - 20:38
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Japan's current account surplus down 34.3% in May
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TOKYO, July 8 Kyodo -
Japan's current account surplus fell 34.3 percent in May from a year earlier to
1.30 trillion yen due mainly to the continued drop in surplus of merchandise
trade, the Finance Ministry said Wednesday, while noting that the tempo of
decline was becoming slightly moderate.
Japan logged a current account surplus for the fourth consecutive month after
posting a deficit in January. The rate of decline in May was smaller than 54.5
percent in April.
The balance of trade in goods and services posted a surplus of 232.8 billion
yen, down 52.2 percent from a year before, the ministry said in a preliminary
report.
''The trend will remain for some time in which the current account surplus will
be in the black and continue falling,'' Norio Miyagawa, senior economist at the
Shinko Research Institute said, adding that exports will not recover anytime
soon but rather ''gradually'' through next year.
The surplus in merchandise trade dropped 22.1 percent to 387.3 billion yen
because the fall in exports exceeded that of imports, down 19 months in a row.
Dampened by the global economic slump, exports fell 42.2 percent to 3.76
trillion yen due to continued sluggishness in shipments of products such as
cars, iron and steel, and semiconductors. The figure marked the eighth straight
month of export fall from a year earlier.
Imports also decreased 43.9 percent to 3.37 trillion yen in line with the fall
in crude oil prices which was less than half from a year earlier, down for the
seventh month in a row, ministry officials said.
It was the largest decrease in terms of amount since January 1985 and also
marked the largest rate of reduction next to its February figure when it fell
44.9 percent.
Services trade posted a deficit of 154.5 billion yen, up from a year-earlier
deficit of 9.8 billion yen, partly because the deficit for transport grew.
The income surplus fell 24.5 percent to 1.18 trillion yen as a result of
reduced dividend payments and bond interest following the decline in interest
rates globally, the officials said.
The current account balance -- the broadest gauge of trade -- is the difference
between a country's income from foreign sources and foreign obligations
payable, excluding net capital investment.
==Kyodo
2009-07-08 22:55:47
TOKYO, July 8 Kyodo -
Japan's current account surplus fell 34.3 percent in May from a year earlier to
1.30 trillion yen due mainly to the continued drop in surplus of merchandise
trade, the Finance Ministry said Wednesday, while noting that the tempo of
decline was becoming slightly moderate.
Japan logged a current account surplus for the fourth consecutive month after
posting a deficit in January. The rate of decline in May was smaller than 54.5
percent in April.
The balance of trade in goods and services posted a surplus of 232.8 billion
yen, down 52.2 percent from a year before, the ministry said in a preliminary
report.
''The trend will remain for some time in which the current account surplus will
be in the black and continue falling,'' Norio Miyagawa, senior economist at the
Shinko Research Institute said, adding that exports will not recover anytime
soon but rather ''gradually'' through next year.
The surplus in merchandise trade dropped 22.1 percent to 387.3 billion yen
because the fall in exports exceeded that of imports, down 19 months in a row.
Dampened by the global economic slump, exports fell 42.2 percent to 3.76
trillion yen due to continued sluggishness in shipments of products such as
cars, iron and steel, and semiconductors. The figure marked the eighth straight
month of export fall from a year earlier.
Imports also decreased 43.9 percent to 3.37 trillion yen in line with the fall
in crude oil prices which was less than half from a year earlier, down for the
seventh month in a row, ministry officials said.
It was the largest decrease in terms of amount since January 1985 and also
marked the largest rate of reduction next to its February figure when it fell
44.9 percent.
Services trade posted a deficit of 154.5 billion yen, up from a year-earlier
deficit of 9.8 billion yen, partly because the deficit for transport grew.
The income surplus fell 24.5 percent to 1.18 trillion yen as a result of
reduced dividend payments and bond interest following the decline in interest
rates globally, the officials said.
The current account balance -- the broadest gauge of trade -- is the difference
between a country's income from foreign sources and foreign obligations
payable, excluding net capital investment.
==Kyodo
2009-07-08 22:55:47
