• Kyodo

  • SHARE

The current account surplus rose 38.0 percent in October from a year earlier, as imports dropped faster than exports amid falling crude oil prices and the prolonged U.S.-China trade conflict, government data showed Monday.

The surplus came to ¥1.82 trillion, marking the 64th straight month of black ink, the Finance Ministry said in a preliminary report.

Among key components, the goods trade surplus was ¥254.0 billion, compared with a deficit of ¥320.7 billion from the previous year.

Exports fell 7.9 percent to ¥6.54 trillion due to weak demand for automobiles and iron products in the U.S. and China, while imports plunged 15.3 percent to ¥6.29 trillion, reflecting cheaper crude oil prices as well as slowing demand for oil and liquefied natural gas, a ministry official said.

Primary income, which reflects returns on overseas investments, dropped 13.7 percent to ¥1.78 trillion from a year earlier, reflecting a decline in dividends from overseas subsidiaries of Japanese companies, the official said.

Services trade, including cargo shipping and passenger transportation, registered a deficit of ¥99.5 billion, narrowing a loss compared with the deficit of ¥238.6 billion in the same month last year.

In services, a surplus in the travel balance marked ¥203.5 billion, supported by tourists visiting to watch Rugby World Cup matches, though the number of South Korean travelers fell amid worsening bilateral ties.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW

PHOTO GALLERY (CLICK TO ENLARGE)