Japan's current account surplus grew 65.1 per cent in March
14 May 2010
Japan's current account surplus rose 65.1 per cent to ¥2.53 trillion in March from a year ago, recording its first growth in two years the Japanes finance ministry said, as exports growth especially to Asian countries helped the world's second-largest economy to recover.
Japan's surplus grew 26.9 per cent to ¥15.65 trillion, its biggest gain after a record fall brought about by the 2008 global financial crisis.
Though exports and imports were down in 2009, a decline for two subsequent years, there was rebound in exports in recent months as demand for Japanese cars, electronics and other goods from China and other Asian economies increased, translating into trade surplus with reduction in imports, on account of crude oil prices falling down.
Exports rose 45.4 per cent to ¥5.71 trillion, increasing for the fourth consecutive month and imports grew 22.0 per cent to ¥4.63 trillion, increasing for the third consecutive month.
The merchandise trade surplus rose 745.4 per cent to ¥1.07 trillion, marking the biggest year-on-year increase since 1986. Exports were up 45.4 per cent recording the fourth straight monthly increase with value of annual increase in exports also hitting a record high.
The surplus in goods and services trade rose 606.8 per cent to ¥1.09 trillion over last year.
Separately, Japan's bank lending fell in April however, the rate of decline was slow indicating demand for funds is improving gradually with slow economic recovery.
