Jiji PressTOKYO (Jiji Press)— The current account surplus in November shrank 43.5 percent from a year before due to increased imports amid higher oil prices, the Finance Ministry said Friday.
Japan ran a surplus in the current account, the broadest measure of the country’s trade and investment with the rest of the world, for the 53rd straight month.
November’s surplus totaled ¥757.2 billion, the ministry said in a preliminary report.
In goods trade, Japan remained in deficit for the second consecutive month, at ¥559.1 billion, against a surplus of ¥199.1 billion a year before.
Exports grew 1.9 percent to ¥6,918.0 billion. Imports climbed 13.5 percent to ¥7,477.2 billion as the cost of buying crude and raw oil and petroleum products from abroad rose due to higher prices.
The surplus in the primary income account, which covers cross-border dividend and interest payments, rose 8.2 percent to ¥1,438.8 billion, thanks to increased dividend payments from overseas as Japanese companies have been increasingly expanding overseas.
In services trade, including travel and transportation, Japan posted a surplus of ¥12.1 billion. The surplus in travel services grew to ¥172.3 billion, a record for November, helped by a rise in the number of tourists from China, the United States and Europe.Speech