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Japan posts current account surplus for 11th consecutive month in May

Xinhua, July 8, 2015 Adjust font size:

Japan logged a current account surplus in May for the 11th consecutive month, as prices for crude oil continued to reduce import costs and the yen's decline augmented overseas profits, government data showed Wednesday.

The surplus stood at 1,880.9 billion yen (about 15.37 billion U. S. dollars), the largest in eight years for the reporting month, the Finance Ministry said in a preliminary report.

The data showed that exports dipped 0.1 percent from a year earlier to 5,707.2 billion yen.

Imports, meanwhile fell 10.3 percent to 5,754.5 billion yen, shrinking the goods and trade deficit by 651.4 billion yen to 47.3 billion yen.

Crude oil imports plunged 31.6 percent as average oil prices declined 45.8 percent to 59.23 dollars per barrel during the month. Imports of liquefied natural gas fell 44.1 percent.

The primary income account, which reflects how much Japan earns from its foreign investments, jumped 38.0 percent to 2,013.0 billion yen, with a weaker yen helping raise receipts from overseas securities investments.

The yen dropped against the U.S. dollar by 18.6 percent year-on- year in the reporting month to an average 120.74. Endi