April Marks 3rd Consecutive Month of Current Account Surplus

Jiji Press

12:11 JST, June 9, 2023

TOKYO (Jiji Press) — Japan recorded a current account surplus of ¥1.8951 trillion in April, up 76.3% from the year-before surplus of ¥1.0751 trillion, the Finance Ministry said Thursday.

The country posted a third straight monthly surplus as its trade balance improved, with a halt in energy price growth pushing down imports.

The April result beat the median forecast of a surplus of ¥1.7 trillion in a Jiji Press poll of 17 economic research institutes.

For the month, Japan incurred a goods and services trade deficit of ¥759.6 billion, smaller than the year-before deficit of ¥1.6869 trillion, the ministry said in a preliminary balance of payments report.

In goods trade, the country’s deficit shrank to ¥113.1 billion from ¥684.1 billion. Exports were up 2.6% at ¥8.2234 trillion, led by those of automobiles to the United States. Imports were down 4.1% at ¥8.3366 trillion, with those of crude oil and liquefied natural gas each down about 25%.

The services trade balance also improved to a deficit of ¥646.5 billion from a deficit of ¥1.0028 trillion, reflecting a larger surplus in the tourism account as the number of visitors to Japan rebounded following the easing or end of COVID-19 border control measures.