Japan's trade surplus drops 21.1 pc in July
Japan's trade surplus shrank by a bigger than expected 21.1 per cent in July from a year earlier, hit by higher oil import costs and sluggish exports to the United States, the government said Wednesday.
By Agencies |
TOKYO: Japan's trade surplus shrank by a bigger than expected 21.1 per cent in July from a year earlier, hit by higher oil import costs and sluggish exports to the United States, the government said Wednesday.
The surplus dropped to 671.22 billion yen ($5.9 billion), the first year-on-year decline in nine months and well below the market forecast of 764 billion yen, the finance ministry said. Exports rose 11.7 per cent by value to 7.06 trillion yen while imports gained 16.9 per cent to 6.39 trillion yen.
Exports of automobiles increased 12.8 per cent to 1.17 trillion yen while shipments of steel products jumped 19.7 per cent to 349.5 billion yen.
Imports of crude oil gained 14.9 per cent to 1.08 trillion yen with imports of nonferrous metal up 59.6 per cent at 215.8 billion yen. Japan's surplus with the United States fell 4.1 per cent to 743.8 billion yen, the first decline in two months, as exports to the world's largest economy.
The surplus dropped to 671.22 billion yen ($5.9 billion), the first year-on-year decline in nine months and well below the market forecast of 764 billion yen, the finance ministry said. Exports rose 11.7 per cent by value to 7.06 trillion yen while imports gained 16.9 per cent to 6.39 trillion yen.
Exports of automobiles increased 12.8 per cent to 1.17 trillion yen while shipments of steel products jumped 19.7 per cent to 349.5 billion yen.
Imports of crude oil gained 14.9 per cent to 1.08 trillion yen with imports of nonferrous metal up 59.6 per cent at 215.8 billion yen. Japan's surplus with the United States fell 4.1 per cent to 743.8 billion yen, the first decline in two months, as exports to the world's largest economy.
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