Wednesday July 8, 02:32 AM
Japan's current account surplus falls 34.3 percent
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TOKYO (AFP) - Japan's current account surplus in May fell a sharper-than-expected 34.3 percent from a year earlier as exports remained slow, official data has shown.
The surplus dropped for the 15th consecutive month of decline to 1.30 trillion yen (13.7 billion dollars), lower than the average market forecast of a surplus of 1.47 trillion yen, data from the finance ministry showed.
The current account is the broadest measure of the country's trade with the rest of the world, including trade in goods and services as well as returns on overseas investment. In April, the surplus plunged 54.5 percent year-on-year.
Japan's trade surplus in May fell 22.1 percent to 387.3 billion yen with exports tumbling 42.2 percent. Imports sank a faster 43.9 percent due to lower energy prices.
The data came amid expectation of smaller drops in the surplus and exports in the coming months, with output in some sectors starting to pick up following months of painful production cuts and inventory adjustments.
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