TOKYO--Japan reported its first monthly trade surplus in nearly
three years Wednesday, as falling oil prices reduced the value of
imports while a weaker yen and the U.S. economic recovery lifted
outbound shipments.
The monthly trade balance came to a surplus of Y229.3 billion.
The market was expecting a surplus of Y47.9 billion, according to a
survey conducted by The Wall Street Journal and the Nikkei.
Exports grew 8.5% on year, while imports fell for the third
straight month, sliding 14.5%, the Ministry of Finance said.
The slump in global oil prices was the largest single factor
pushing the trade balance into a surplus. The value of crude oil
imports fell 51% from a year earlier, reflecting the halving of
global oil prices over the past year.
While the weaker yen has inflated the value of Japan's shipments
abroad, the data showed that the overall volume of exports also
increased by 3.3%. Exports to the U.S. were particularly strong,
surging 21% on the back of strong demand for automobiles.
A recovery in the world's largest economy and growth of middle
class population in China has been boosting demand for Japanese
products.
But many economists question whether the trade balance will
continue to improve. For one, there's no guarantee that crude oil
prices will remain low. For another, overseas economies may slow
down again.
Write to Mitsuru Obe at mitsuru.obe@wsj.com
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