Japan’s current account surplus rises to 2.99 trillion yen in July
Japan recorded a current account surplus of 2,988.9 billion yen (around 19.2 billion U.S. dollars) in July, marking its first positive balance in two months, the Finance Ministry said Tuesday, Qazinform News Agency reports, citing Jiji Press.
The July surplus increased from 2,586.3 billion yen a year earlier, mainly driven by higher dividend income from overseas subsidiaries, according to the ministry’s preliminary balance of payments report.
At the same time, Japan’s trade deficit widened to 399.9 billion yen from 187.7 billion yen a year earlier. Exports rose 24.1 percent to 11,256.1 billion yen, supported by strong shipments of vehicles and semiconductors.
Imports, however, jumped 25.9 percent to 11,656 billion yen. The increase was attributed to a surge in oil imports from the United States, as well as higher semiconductor imports from other Asian economies.
In services trade, Japan posted a deficit of 512.9 billion yen, narrowing from 771.1 billion yen a year earlier. The improvement came as the number of foreign visitors to Japan increased, while fewer Japanese traveled overseas.
Japan’s primary income surplus, which includes cross-border dividend and interest payments, rose 5.8 percent to 4,289.6 billion yen. The increase was mainly supported by higher dividends from overseas subsidiaries, reflecting strong earnings and the weaker yen.
Earlier, Qazinform reported Kazakhstan and Japan strengthen industrial cooperation with 60 agreements worth 3.7 billion US dollars.
