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Japan logs current account surplus for 13th straight month in July

Xinhua, September 8, 2015 Adjust font size:

Japan logged a current account surplus for the 13th straight month in July, mainly due to declining costs of crude oil and increased income boosted by a weaker yen, government data showed Tuesday.

The surplus, which taken as the broadest measure of Japan's trade with the rest of the world, stood at 1,808.6 billion yen ( about 15.14 billion U.S. dollars), up about 4.5-fold from the same period of last year, goods trade registered a deficit of 108.0 billion yen (904.18 million U.S. dollars), the Finance Ministry said in a preliminary report.

Exports increased 4.6 percent from a year earlier to 6,544.8 billion yen, while imports dropped 6.5 percent to 6,652.9 billion yen, according to the ministry.

Crude oil imports dropped 24.6 percent as average oil prices dived 42.8 percent to 63.85 dollars per barrel during the month. Imports of liquefied natural gas dropped 40.7 percent.

The surplus in the primary income account, which reflects how much Japan earns from its foreign investments, expanded 19.6 percent to 2,231.2 billion yen, as a weaker yen helped raise receipts from overseas securities investments. Endi