Tokyo, – Japan’s current account surplus in the first half of fiscal 2023 tripled from a year earlier to a record 12.71 trillion yen ($84 billion), lifted by record-high foreign investment returns as falling energy import costs trimmed the trade deficit, Japan’s government data showed Thursday.
Primary income stood at 18.38 trillion yen, up 3.9 percent from a year earlier, as higher overseas yields and a weaker yen boosted the total. The figure was the highest since comparable data became available in fiscal 1985, according to Japan’s Kyodo News Agency.
As energy prices dropped, the trade deficit for resource-poor Japan shrank 84.7 percent to 1.41 trillion yen, with overall imports down 13.2 percent at 51.03 trillion yen.
Exports were flat at 49.62 trillion yen, according to the preliminary data. Auto shipments, particularly to the United States, remained robust as the impact of parts shortages continued to ease.
The current account balance is one of the widest gauges of international trade. Japan’s fiscal-half surplus fell sharply last year, as crude oil and other energy imports surged amid Russia’s war in Ukraine and the global recovery from the COVID-19 pandemic.
Source: Qatar News Agency