Japan Logs ¥438 Billion Current Account Surplus in January

Jiji Press

18:05 JST, March 8, 2024

TOKYO (Jiji Press) — Japan posted a current account surplus of ¥438.2 billion in January against the year-before deficit of ¥2,013.6 billion, as its trade deficit halved on a halt to materials price rises, data showed Friday.

Japan logged a surplus in the current account, the broadest measure of trade and investment flows, for the 12th straight month, the Finance Ministry said in a preliminary report.

The country’s deficit in goods trade shrank to ¥1,442.7 billion from the record high of ¥3,167.4 billion marked in January last year.

Exports grew 7.6% from a year before to ¥7,340.3 billion, while imports fell 12.1% to ¥8,783 billion, chiefly reflecting a fall in imports of coal and liquefied natural gas.

In services trade, Japan logged a deficit of ¥521.1 billion. The country’s travel service trade produced a record surplus of ¥415.9 billion thanks to an increase in foreign visitors, but it was more than offset by a deficit of ¥430.7 billion in digital-related trade, reflecting payments to online ads abroad.

The country’s surplus in the primary income account, which covers dividend and interest receipts from abroad, jumped 29.6% to ¥2,851.6 billion, a record high for January. Bond interest receipts grew in line with higher interest rates overseas.