Japan's current account surplus shrinks 54.5% in April

• Source: Xinhua
• [09:41 June 08 2009]
• Comments

Japan's current account surplus contracted by 54.5 percent year-on-year to 630.5 billion yen ($6.43 billion) in April, the finance ministry said Monday.

The balance of trade in goods and services sank into the red, logging a deficit of 287.3 billion yen ($2.89 billion), said the ministry in a preliminary report.

Exports plunged 40.6 percent to 3,915.1 billion yen ($39.95 billion) while imports were down 37.8 percent to 3,730.8 billion yen ($38.06 billion).
 
The surplus in merchandise trade plummeted 69.2 percent to 184.3 billion yen ($1.88 billion), and the income surplus lost 18.5 percent to 1,056.7 billion yen ($10.78 billion), according to the report.

The current account balance, the broadest gauge of trade in goods, services, tourism and investment, is calculated by determining the difference between a nation's income from foreign sources and payments on foreign obligations, excluding net capital investment.