Japan's current account surplus sets record for May as trade deficit shrinks
The current account balance, the broadest indicator of a country's international trade and investment flows, was in the black for the fourth consecutive month.
The trade deficit stood at ¥522.3 billion, smaller than the ¥1,098 billion logged a year earlier. Exports declined 1.4% to ¥8,034.4 billion due to drops in automobile and steel shipments. Imports also fell, by 7.5% to ¥8,556.8 billion, because of lower crude oil and coal prices.
The surplus in the primary income account, which mainly covers Japanese companies' dividend and interest receipts from abroad, was down 2.7% at ¥4,255.5 billion. Net profits from securities investments shrank due to lower bond interest income amid the yen's appreciation and falling foreign interest rates.
Services trade resulted in ¥201.1 billion in surplus, a turnaround from the year-before deficit of ¥51.6 billion. An increase in inbound visitors led the travel balance to record the largest surplus for May.
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