Tokyo: Japan’s October trade surplus shrank 40.7 per cent from a year earlier as growth in exports were eclipsed by higher costs of importing crude oil and petroleum products, the government said on Monday. The world’s third-largest economy logged a surplus of 285.4 billion yen ($2.5 billion), down from a 481.2 billion-yen surplus a year earlier, according to data from the finance ministry.
The latest figure was modestly lower than market expectations of a 330 billion yen surplus, but still the fifth consecutive month of booking a black figure.
Exports rose for the 11th consecutive month on robust shipments of automobile and electronic parts including organic chemicals and semi-conductors.
Imports grew for a 10th monthly rise, boosted mainly by higher bills for crude oil, petroleum products and coal. The ministry also said the yen was on average 9.8 per cent cheaper against the US dollar in October compared to the same month the year earlier, making Japan’s imports costlier.
— AFP
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