Japan logs current account surplus of 3.93 tril. yen in February
TOKYO (Kyodo) -- Japan's current account surplus edged down 0.1 percent from the previous year to 3.93 trillion yen ($24.8 billion) in February, the Finance Ministry said Wednesday, as businesses increased imports from China before the Asian neighbor entered the Lunar New Year holidays.
The latest data does not reflect the impact of the U.S.-Israeli attacks on Iran launched on Feb. 28. A ministry official noted that imports could fall in March as shipments of crude oil and petroleum products from the Middle East region have been disrupted by the effective closure of the Strait of Hormuz.
Primary income, including dividends and interest earnings from overseas investments, rose 11.6 percent from the previous year to 4.24 trillion yen, the ministry said in a preliminary report, as their values were inflated due to the weaker yen.
Goods trade recorded a surplus of 267.6 billion yen, plunging 67.0 percent from the year before.
Exports were up 2.8 percent to 9.37 trillion yen, while imports increased 9.7 percent to 9.10 trillion yen.
The trade data showed front-loaded imports from China, where the Lunar New Year holidays started in mid-February this year, the official said, adding ship cargo takes around two to three weeks to arrive in Japan.
The holiday, which slows down business activities in China and other countries celebrating it, started in late January last year.
Among other key components, Japan's services trade deficit shrank 0.4 percent from the previous year to 284.5 billion yen, affected by an improvement in the travel surplus.
A surplus in the travel balance means that spending by foreign visitors in Japan exceeds the amount spent by Japanese residents overseas.
Although the number of Chinese travelers to Japan has declined amid persistent diplomatic tensions between the two countries, the level of inbound visitors from other countries and regions remained robust, the official said.
The current account balance is one of the widest gauges of international trade.
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