Business | Feb 08

Japan's Current Account Surplus Rebounds to Over 20 Trillion Yen Amid Lower Import Costs

TOKYO, Feb 08 (News On Japan) - For the first time in two years, Japan's current account surplus has rebounded to the 20 trillion yen range over the last year, thanks to a decrease in oil prices leading to reduced import costs.

According to the 2023 preliminary report on the balance of payments, Japan's current account surplus, which reflects transactions in goods and services with foreign countries, amounted to approximately 20.6 trillion yen.

This represents a 92% increase or a 9.9 trillion yen rise compared to the previous year.

The primary factors contributing to this recovery include the decrease in import costs due to the settling of resource prices, which resulted in a narrowing trade deficit.

Exports, including automobiles, have shown recovery, with annual export figures surpassing 100 trillion yen for the first time.

Furthermore, the surplus from interest and dividends from overseas amounted to over 34.5 trillion yen, underlining the significant recovery in Japan's economic dealings with the rest of the world. This improvement signals a robust turnaround for Japan's economy, driven by a combination of decreasing import expenses and a resurgence in exports.

Source: ANN

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