Japan 2010 current account surplus jumps 28.5% as exports recover

SINGAPORE (ICIS)--Japan’s current account surplus in 2010 grew 28.5% – the first annual increase in three years – as its exports recovered, based on preliminary statistics released on Tuesday.

The country’s surplus stood at yen (Y) 17,080bn ($208bn) last year, compared to Y13,287bn in 2009, data from Japan’s Ministry of Finance (MOF) showed.

Current account is a measure of an economy’s transactions in goods and services involving foreign exchange with the rest of the world.

Exports were up by 25.7% year on year to Y63,920bn, reversing the 36.1% contraction recorded in 2009, based on the data.

Overseas shipments outpaced imports, which logged a 19.4% year-on-year increase to Y55,923bn, according to the MoF.

For the month of December alone, Japan’s current account surplus jumped by 30.5% year on year to Y1,195bn, as exports rose by 14% and imports grew at a slightly slower pace of 12.8%, official statistics showed.

Meanwhile, trade data for the first 20 days of January 2011 showed a 6.7% year-on-year increase in exports and an 8.2% growth in imports.

($1 = Y82.28)