Japan’s current account surplus shrinks to 5-year low as exports plunge

Author: Agencies

Japan posted its smallest current account surplus in more than five years in June, Ministry of Finance data showed on Tuesday, mainly due to a slump in exports, highlighting the heavy hit to external demand from the coronavirus pandemic. The current account surplus was 167.5 billion yen ($1.58 billion), the smallest monthly surplus since January 2015, a finance ministry official said. That compared with a median forecast for a 110 billion yen surplus and a 1.177 trillion yen surplus in May. The current account balance has maintained a run of uninterrupted monthly surpluses for six years. Exports plunged 25.7% in June from a year ago, hit hard by falling shipments of cars and car parts to the United States, the data showed. That was slightly smaller than a 28.9% annual decline in May. Imports shed an annual 14.4%, following a 27.7% annual fall in May. As a result, the trade deficit in June widened to 157.7 billion yen.

Share
Leave a Comment

Recent Posts

  • Business

PRGMEA desires separate ‘Apparel Policy’ for share in US future marketa

The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) calling for the revision of the…

3 hours ago
  • Business

Brazilian envoy urges Pakistan to join BRICS to become part of global economy

Ambassador of Brazil to Pakistan, Olyntho Vieira has urged Pakistan to join international multilateral forum…

3 hours ago
  • Business

Gold price increases to Rs229,500 a tola

Gold price in the country increased by Rs100 per tola on Wednesday following an uptick…

3 hours ago
  • Business

PKR moves up to 278.04 against USD

The Pakistani rupee continued inching up against the US dollar in the inter-bank market on…

3 hours ago
  • Business

PSX stays bullish, gains 641 more points

The 100-index of the Pakistan Stock Exchange (PSX) continued with bullish trend on Wednesday, gaining…

3 hours ago
  • Business

Oil prices dip on demand concerns

Crude oil prices slumped on Wednesday as an unexpected increase in US crude inventories stoked…

3 hours ago