Tokyo, 8 July, /AJMEDIA/
Japan’s current account surplus plunged 92.8 percent in May from a year earlier to 128.4 billion yen ($944.5 million) on ballooning imports driven by soaring energy prices amid Russia’s invasion of Ukraine and a weakening yen, the Finance Ministry said Friday.
The current account balance, one of the widest gauges of international trade, remained in the black for the fourth consecutive month but the amount of surplus was the smallest on record for May, according to preliminary data released by the ministry.
Among key components, the goods trade deficit widened by 1.9 trillion yen from a year earlier to nearly 2.0 trillion yen, with the value of imports expanding 51.3 percent to 9.4 trillion yen, up for the 16th consecutive month.
The value of imports was the highest since comparable data became available in 1996, pushed up by increased imports of crude oil, liquefied natural gas and coal amid soaring energy prices.
Exports expanded 19.9 percent to 7.4 trillion yen, up for the 15th straight month, led by brisk shipments of iron and steel, mineral fuels and electronic components including semiconductors.
The services trade deficit, meanwhile, shrank by 111.7 billion yen to 158.5 billion yen, the data showed.
Primary income, which reflects returns on overseas investments, posted a surplus of 2.4 trillion yen.
