Japan logged a ¥1.04 trillion ($9.3 billion) trade surplus in the first half as exports surged to Asia, but their value shrank from a year ago as imports o
Japan logged a ¥1.04 trillion ($9.3 billion) trade surplus in the first half as exports surged to Asia, but their value shrank from a year ago as imports of crude oil grew, government data showed Thursday.
In the January-June half, exports rose 9.5 percent to ¥37.79 trillion, lifted by shipments of semiconductor equipment, auto parts and iron and steel. Imports rose 12.2 percent to ¥36.74 trillion in value terms.
The trade surplus is Japan’s third straight for a six-month period. Compared with a year ago, however, the surplus shrank 41.1 percent due in large part to a surge in the value of oil imports. Resource-scarce Japan relies heavily on energy imports.
The value of crude oil imports surged 36.9 percent from a year ago to ¥3.54 trillion, with oil prices averaging $54.3 a barrel in the first half, up 47.9 percent from a year earlier, the Finance Ministry said.
International trade has increasingly been under the spotlight since U. S. President Donald Trump began calling for “fair” trade as part of his “America First” agenda.
Japan ran a trade surplus of ¥3.22 trillion with the United States in the period as exports gained 2.9 percent to ¥7.25 trillion and imports jumped 10.7 percent to ¥4.03 trillion.
As trade data are influenced by economic conditions and currency movements, “We will continue to monitor developments carefully, ” a ministry official said.
