Japan February Trade Surplus Up
Tuesday, March 25, 2008 10:14:27 PM - Japan’s February trade surplus increased 0.9 percent over one year earlier, according to data released Wednesday by the Finance Ministry.
The increase was the first in four months, but came in below economists’ forecasts.
The February surplus increased to 970 billion yen (US$9.69 billion), compared to analysts’ estimates of a 16.8 percent increase to 1.123 trillion yen.
Japanese imports increased 10.1 percent over the figure of one year earlier, to a total value of 6.01 trillion yen (US$60.6 billion), while exports increased 8.7 percent to 6.98 trillion yen (US$69.76 billion). The higher import figure was primarily due to rising energy prices, the Ministry said, with the stronger yen partially offsetting higher crude oil prices.
The lower-than-expected trade figure was attributed, in large part, to softening U.S. demand for Japanese goods. Exports to the U.S. declined 6 percent from the corresponding period one year ago, marking the sixth straight monthly decline. When compared to one month previous, Japan’s exports to the U.S. fell 13.3 percent to 696.9 billion yen ($6.96 billion).
Exports of cars to the US dropped 8.9 percent, while shipments of motorcycles declined 16.6 percent and exports of construction and mining equipment were down 28.1 percent.
The slower U.S. exports were more than offset by increased exports to Asia, the Ministry said. Overall exports to Asian destinations grew 13.9 percent in February versus 8.1 percent growth the previous month.
Exports to China increased 14.9 percent, thanks in large part to higher volume of shipments of autos and auto parts. The trade surplus with Asian nations increased for the seventh consecutive month.
Tags: Auto, Auto Parts, cars, four months, MINI, oil prices, trade surplus, yen
