Japan’s current account surplus rose 7.1 percent in July from a year earlier to 1.81 trillion yen, reversing a 7.2 percent dip the previous month, due to brisk exports and a steady increase in the income account, the Finance Ministry said Wednesday.
The balance of trade in goods and services posted a surplus of 676.7 billion yen, down 8.4 percent and the second straight monthly decline, the ministry said in a preliminary report.
The surplus in merchandise trade shrank 8.5 percent to 950.9 billion yen, also down for the second straight month, as high oil prices inflated the value of imports.
The income surplus — the net income from Japanese investments overseas — jumped 23.5 percent to 1.22 trillion yen, rising for the 24th month on the back of higher revenues from securities investments overseas.
Exports rose 13.6 percent to 6.02 trillion yen, the third-highest figure on record. Auto exports climbed 26.2 percent, while nonferrous metal exports surged 61.1 percent.
Imports rose 19.0 percent to 5.06 trillion yen, the fourth-biggest tally ever.
Imports of crude oil were up 24.8 percent in value terms due to record-high oil prices of $67.9 per barrel on average in July on a customs-cleared basis, up 27.5 percent from a year earlier for the 28th straight monthly gain.
The balance of trade in services chalked up a deficit of 274.2 billion yen, down 8.8 percent from a year earlier for the third straight month of improvement.
The current account balance is the difference between a nation’s income from foreign sources and its overseas obligations payable, excluding net capital investment.
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