The Ministry of Finance in Chiyoda Ward, Tokyo
12:04 JST, October 9, 2024
TOKYO (Jiji Press) – Japan’s current account surplus rose 65.8% in August from a year earlier to ยฅ3,803.6 billion, a record high for one month, ministry data showed on Tuesday of Finance.
The country recorded a current account surplus for the 19th consecutive month, the broadest measure of a country’s international trade and investment flows, with the primary income surplus also hitting a record high.
The primary income account surplus, which mainly covers Japanese companies’ dividend and interest income from abroad, rose 28.5% to ยฅ4,700.6 billion, thanks to increased dividend income from foreign subsidiaries of automakers and other companies. The surplus was also boosted by a rise in interest income from foreign bond investments, against the backdrop of higher interest rates abroad.
The goods trade balance was in the red with a deficit of ยฅ377.9 billion, smaller than a deficit of ยฅ755.2 billion a year earlier, as exports grew faster than imports. Exports rose 6.2% to ยฅ8,388.8 billion, driven by robust shipments of semiconductor manufacturing equipment, while imports rose 1.3% to ยฅ8,766.8 billion, driven by increased purchases of pharmaceutical and petroleum products.
The services trade deficit fell to ยฅ104.9 billion from ยฅ301.9 billion a year ago, while the travel account surplus reached a record high of ยฅ404.5 billion in August.
