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11th of July 2011
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Japan’s current account surplus down 52% in May

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by Kay Mitchell
”Japan's

March’s devastating earthquake and tsunami continues have a negative impact on Japan’s exports, sending its current account surplus tumbling.

Official figures from the Ministry of Finance today said the surplus declined almost 52% to 590.7 billion yen (£4.55 billion) on a year earlier.

In April, the surplus was down 70%.

However, the fall was less than expectations and suggests the world’s third largest economy is gradually recovering from the twin disasters.

Exports continue to fall after catastrophes forced some of Japan’s largest exporters to halt production.

Exports were 9.8% lower in May on an annual basis, while imports rose 14.7%, primarily due to higher energy costs.

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News posted: July 8, 2011

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