Japan posts current account surplus in Feb, reverses Jan deficit

09 April 2012 04:38  [Source: ICIS news]

SINGAPORE (ICIS)--Japan’s current account surplus fell by 30.7% year on year to yen (Y) $1,178bn ($13.7bn) February this year, improving markedly from the record deficit in January, amid higher exports to the US, official data showed on Monday.

The current account measures an economy’s trade in goods, services, tourism and investment with the rest of the world.

Japan reported a current account deficit of Y437.3bn in January this year, its first deficit in three years, as imports grew faster than exports.

Japan’s exports fell by 2% year on year to Y5,248bn in February, while imports grew by 11.1% to Y5,146bn, a preliminary report by the Ministry of Finance (MOF) said.

This resulted in a trade surplus of Y102bn, compared with a deficit of Y1,382bn in January this year.

The trade balance improved in March on the back of a recovery in exports to the US, especially the shipments of vehicles, the MOF added.

($1 = Y81.5)

By: Nurluqman Suratman

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