ID :
10861
Thu, 06/26/2008 - 10:42
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Shortlink :
http://m.oananews.org//node/10861
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Japan's trade surplus dips 7.6% in May, exports to EU down
TOKYO, June 26 Kyodo - Japan's customs-cleared trade surplus narrowed 7.6 percent in May from a year earlier to 365.6 billion yen for the third consecutive monthly decline, as advances in imports led by soaring energy prices outpaced growth in exports, the Finance Ministry said Wednesday.
The country's exports to the European Union tumbled in the reporting month from
the previous year for the first time in 31 months, as demand for some Japanese
vehicles waned on higher fuel costs, a ministry official said.
In global trade, Japan's exports increased 3.7 percent to 6,809.5 billion yen
for the 54th consecutive monthly gain, while imports gained 4.4 percent to
6,443.9 billion yen, up for the eighth straight month, the ministry said in a
preliminary report.
Robust exports of light diesel oil and kerosene to China, as well as auto
shipments to China and Russia, contributed to the growth in exports, while
imports increased in terms of value on continued surges in crude oil, coal and
liquefied natural gas.
In May, the average price of oil hit yet another all-time high of $107.6 per
barrel, up 63.4 percent from a year before, renewing a record-high level for
the eighth consecutive month, a ministry official said.
Tatsushi Shikano, senior economist at Mitsubishi UFJ Securities Co., said dips
in Japan's EU-bound exports suggest that a slowdown in the U.S. economy has had
negative spillover effects on other areas.
''Demand from the European Union will not likely regain momentum soon and
Japan's exports will continue to be affected by decelerating demand from
overseas,'' he said.
Shikano also said Japan's slowing imports, which showed the first one-digit
growth in four months, indicate weak domestic demand in the country.
By region, the trade surplus with the United States fell 11.0 percent for the
ninth straight month of decline, with exports dropping 9.5 percent to 1,179.8
billion yen.
U.S.-bound exports of vehicles, auto parts and light diesel oil fell amid
worsening consumer sentiment in the country.
Imports from the United States also slipped 8.4 percent to 699.7 billion yen
for the third straight monthly slip, with declines in aircraft and
semiconductor imports.
Japan's trade surplus with the European Union grew 14.4 percent to 343.3
billion yen, after a 3.0 percent dip in April.
Exports to the 27-nation bloc fell 1.1 percent to 960.7 billion yen, the first
year-on-year decline since October 2005, as EU-bound shipments of automobiles,
motorcycles and computers slipped.
The ministry official pointed out that vehicle sales in Germany were weak due
to high fuel costs and a new tax in France aimed at curbing carbon dioxide
emissions eclipsed demand for large-sized cars.
Imports from the regional bloc also shrank 8.1 percent to 617.4 billion yen for
the first drop in three months, on a decrease in vehicles from Germany and
Britain and raw materials for drugs from Ireland.
Japan's trade surplus with the rest of Asia expanded 68.5 percent, up for the
second month.
Exports advanced 8.1 percent to 3,491.6 billion yen for the 75th consecutive
month of growth, led by light diesel oil, auto and steel exports.
Imports sank 3.8 percent to 2,591.6 billion yen for the first decrease in three
months, on dips in nonferrous metal imports from Indonesia.
A breakdown of Asian trade figures showed Japan posted a trade deficit of 37.0
billion yen with China, excluding Hong Kong, down 82.8 percent. The deficit
narrowed for the second straight month.
China-bound exports gained 12.3 percent to 1,161.7 billion yen for the 36th
straight month of growth, on strong demand for light diesel oil and Japanese
vehicles.
The official said Japan's export of light diesel oil grew on increased demand
for fuel for trucks, following a powerful quake that hit China's Sichuan
Province on May 12.
Imports slipped 4.0 percent to 1,198.6 billion yen, down for the second
straight month, on declining imports of clothing and seafood.
Trade data are measured on a customs-cleared basis before adjustments for
seasonal factors.==Kyodo
The country's exports to the European Union tumbled in the reporting month from
the previous year for the first time in 31 months, as demand for some Japanese
vehicles waned on higher fuel costs, a ministry official said.
In global trade, Japan's exports increased 3.7 percent to 6,809.5 billion yen
for the 54th consecutive monthly gain, while imports gained 4.4 percent to
6,443.9 billion yen, up for the eighth straight month, the ministry said in a
preliminary report.
Robust exports of light diesel oil and kerosene to China, as well as auto
shipments to China and Russia, contributed to the growth in exports, while
imports increased in terms of value on continued surges in crude oil, coal and
liquefied natural gas.
In May, the average price of oil hit yet another all-time high of $107.6 per
barrel, up 63.4 percent from a year before, renewing a record-high level for
the eighth consecutive month, a ministry official said.
Tatsushi Shikano, senior economist at Mitsubishi UFJ Securities Co., said dips
in Japan's EU-bound exports suggest that a slowdown in the U.S. economy has had
negative spillover effects on other areas.
''Demand from the European Union will not likely regain momentum soon and
Japan's exports will continue to be affected by decelerating demand from
overseas,'' he said.
Shikano also said Japan's slowing imports, which showed the first one-digit
growth in four months, indicate weak domestic demand in the country.
By region, the trade surplus with the United States fell 11.0 percent for the
ninth straight month of decline, with exports dropping 9.5 percent to 1,179.8
billion yen.
U.S.-bound exports of vehicles, auto parts and light diesel oil fell amid
worsening consumer sentiment in the country.
Imports from the United States also slipped 8.4 percent to 699.7 billion yen
for the third straight monthly slip, with declines in aircraft and
semiconductor imports.
Japan's trade surplus with the European Union grew 14.4 percent to 343.3
billion yen, after a 3.0 percent dip in April.
Exports to the 27-nation bloc fell 1.1 percent to 960.7 billion yen, the first
year-on-year decline since October 2005, as EU-bound shipments of automobiles,
motorcycles and computers slipped.
The ministry official pointed out that vehicle sales in Germany were weak due
to high fuel costs and a new tax in France aimed at curbing carbon dioxide
emissions eclipsed demand for large-sized cars.
Imports from the regional bloc also shrank 8.1 percent to 617.4 billion yen for
the first drop in three months, on a decrease in vehicles from Germany and
Britain and raw materials for drugs from Ireland.
Japan's trade surplus with the rest of Asia expanded 68.5 percent, up for the
second month.
Exports advanced 8.1 percent to 3,491.6 billion yen for the 75th consecutive
month of growth, led by light diesel oil, auto and steel exports.
Imports sank 3.8 percent to 2,591.6 billion yen for the first decrease in three
months, on dips in nonferrous metal imports from Indonesia.
A breakdown of Asian trade figures showed Japan posted a trade deficit of 37.0
billion yen with China, excluding Hong Kong, down 82.8 percent. The deficit
narrowed for the second straight month.
China-bound exports gained 12.3 percent to 1,161.7 billion yen for the 36th
straight month of growth, on strong demand for light diesel oil and Japanese
vehicles.
The official said Japan's export of light diesel oil grew on increased demand
for fuel for trucks, following a powerful quake that hit China's Sichuan
Province on May 12.
Imports slipped 4.0 percent to 1,198.6 billion yen, down for the second
straight month, on declining imports of clothing and seafood.
Trade data are measured on a customs-cleared basis before adjustments for
seasonal factors.==Kyodo
