Japan’s current account surplus falls

July 9th, 2012 - 3:01 pm ICT by IANS  

Tokyo, July 9 (IANS) Japan’s current account surplus fell 62.6 percent in May from a year earlier to 215.1 billion yen, according to a report released by the government Monday.

The value of goods exports was up 11.3 percent to 5,054.2 billion yen for the third straight month of increase. But imports grew wider, rising 11.1 percent to 5,902.5 billion yen, expanding for more than two years. Therefore, the balance of goods trade stood at a 848.2 billion yen deficit, Xinhua reported.

Vehicles and auto parts contributed to gains from exports, largely supported by a US economic recovery, Japan’s finance ministry said in a preliminary report. But the imports of energy resources, particularly liquefied natural gas, have remained a large weight on the balance.

Japanese utilities have boosted thermal power generation to cover the lack of atomic power amid safety concerns following the Fukushima Daiichi nuclear crisis last year. The government said the adverse implication of large liquefied natural gas imports will possibly reduce in the second half of the year.

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