Japan sees decline in trade surplus
Japan's trade surplus dropped 21.7% year on year to Yen 1.09 billion (around $10.2 million) in February 2005, said
Japan's Ministry of Finance.
Exports rose 1.7% to Yen 4.85 trillion in February. On the other hand, crude oil, steel and metcoke pushed imports up to Yen 3.75 trillion, an 11.3% year-on-year increase.
February trade balance data support the government's view that exports are slowing.
The trade surplus is not expected to increase rapidly in the coming months, since crude oil prices appear to be maintaining high levels and export growth is sluggish.
Japan's exports to the US rose 6.4% year on year to Yen 1.15 trillion, due in part to an increase in shipments of automobiles and plasma display panels.
The pace of the increase in exports to the US surpassed the pace of the increase in exports to Asia for the first time since February 2002.
Japan's exports to Asia rose 0.9% year on year to Yen 2.25 trillion, while imports from Asia surged 18.4% year on year to Yen 1.7 trillion.
On the other hand,
Japan's exports to
China fell 2.2% year on year as
China increased its
production of integrated circuits and automobiles.