Japan's trade surplus up by 3.6% in 2003

Japan’s trade surplus up by 3.6% in 2003

Based on the data released by Finance Ministry, Japan's trade surplus amounted to Yen 10.24 trillion ($96.4 billion) in 2003, up by 3.6% compared to 2002. In line with the report, exports have reached up to a record level of Yen 54.56 trillion ($513.8 billion) in 2003 with an increase by 4.7% when compared to 2002. Imports rose by 5% to Yen 44.32 trillion ($417.5 billion) in 2003. Ministry officials expressed that the growth in exports to Asia was a big contributor to the overall trade surplus. The trade surplus with Asia in 2003 reached Yen 5.6 trillion ($52.7 billion) with an increase by 37.6% compared to previous year. Exports to the region rose by 12.9% to Yen 25.3 trillion ($238.5 billion) in 2003 while imports were up by 7.4% to Yen 19.7 trillion ($185.7 billion). In December 2003, Japan's trade surplus was up by 41.2% to Yen 1.12 trillion ($10.5 billion).