Japan First-Half Trade Surplus Plunges
Posted on: Thursday, 24 July 2008, 00:00 CDT
Japan's trade surplus in the first half of 2008, hit by rising imports and soaring oil prices, fell 42 percent from a year ago, the government said Thursday.
The surplus of $27.45 billion was down 42.1 percent from the same period of last year, the Finance Ministry said.
Much of the decline occurred in June when the monthly surplus of $1.8 billion came in 88.9 percent below June of 2007, Kyodo news service reported.
The appreciation of the yen against major currencies may also have contributed to the steep fall in the first-half surplus, the ministry said. The Japanese currency appreciated 13.6 percent against the U.S. dollar during this period.
Japan's first-half exports rose 3.9 percent to $389 billion from higher auto shipments to Russia and the Middle East.
First half imports jumped 10.5 percent to a record $361.6 billion largely due to oil, liquefied natural gas and coal imports, the report said.
Half-year trade surplus with the United States was off 17.2 percent to $31.5 billion.
Taro Saito, a senior economist at NLI Research Institute, told Kyodo the numbers showed the half-year trade balance may post a deficit in the near future.
Source: United Press International
User Comments (0)
RSS Feeds