The headquarters of the Ministry of Finance in Tokyo.
17:11 JST, June 10, 2024
TOKYO (Jiji Press) – Japan posted a current account surplus of ¥2,050.5 billion in April, up 8.2% year-on-year and the largest monthly surplus since comparable statistics became available in 1985, it showed Monday from data from the Ministry of Finance.
The result reflected a rise in the surplus on the primary income account, which covers dividend and interest income from abroad, according to preliminary balance of payments data. The country recorded a current account surplus for the fifteenth month in a row.
April’s surplus exceeded the average forecast of ¥1,737.6 billion in surplus in a Jiji Press survey of 17 economic research institutes.
In goods trade, Japan’s deficit widened to ¥661.5 billion, from the previous year’s level of ¥149.2 billion. Exports rose 2.4% to ¥8,428.2 billion on growth in shipments of automobiles and semiconductor manufacturing equipment. Imports rose 8.5% to ¥9,089.7 billion, partly due to a rise in crude oil prices.
The primary income account surplus rose 26.7% to ¥3,832.8 billion, the largest in April, thanks to increases in interest income on foreign bonds against the backdrop of higher interest rates and in the yen value of dividends paid in foreign currency due to the depreciation of the Japanese currency.
Japan saw its trade deficit in the services sector increase from ¥557.8 billion to ¥721.5 billion. While the travel bill performed well thanks to a rise in visitors to Japan, payments for business services, including research and development and management consulting, rose.
