Sharp decrease in Japan's January trade surplus

Sharp decrease in Japan’s January trade surplus

Japan's trade surplus plummeted 59.9% year-on-year to Yen 200.76 billion (around $1.9 billion) in January 2005, Japan's Ministry of Finance said. This figure hints at a further slowdown of an economy already in recession. Exports in January 2005 rose 3.2% to Yen 4.41 trillion, while imports increased 11.6% to Yen 4.21 trillion. The trade surplus with the US fell for the first time in three months, declining 4.4% to Yen 469.9 billion. Japan's trade surplus with Asia fell for the third consecutive month as it shrank 29% to Yen 171 billion. The trade surplus with the European Union tumbled 33.8% to Yen 145.3 billion, the first decline in the past 14 months.