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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

September 10, 2019
JAPAN CURRENT ACCOUNT AND TRADE BALANCE, JULY 2019

Current Account

  

In July 2019, Japan reported

  • the net international trade (goods and services) decreased 382 billion yen. As a result, Goods & services changed to a deficit of 107 billion yen;
  • primary income decreased 19 billion yen narrowing the surplus to 1,844 billion yen;
  • secondary income (transfers) increased 107 billion yen narrowing the deficit to 90 billion yen.

As a result, the current account decreased 295 billion yen narrowing the surplus to 1,647 billion yen over June 2019.

Trade Balance

In July 2019, Japan 's

  • goods exports decreased 0.3 billion yen to 6,420 billion yen;
  • goods imports increased 121 billion yen to 6,382 billion yen;
  • net international goods trade decreased 121 billion yen narrowing the surplus to 38 billion yen;
  • net international services trade decreased 261 billion yen. As a result, Net Services changed to a deficit of 145 billion yen over June 2019.

As a result, net international trade (goods and services) decreased 382 billion yen. As a result, Goods & services changed to a deficit of 107 billion yen over June 2019.

 

 

CURRENT ACCOUNT AS A SHARE OF GDP

The ratio of the current account balance to the Gross Domestic Product (or % of GDP) provides an indication of the country's trade and income flows relative to the state of the economy. The ratio is calculated by dividing the net values of exports less imports, primary income (interest and dividends) and secondary income (transfers) over a period by the gross domestic product for the same period. Although called a ratio, it is usually expressed as a percentage. A current account surplus indicates upward pressure on the foreign exchange rate unless it is offset by net outflows (lending, acquisition of assets) outside the country.

In the period 1999 Q1 to 2007 Q4, Japan’s current account to GDP measure was positive, ranging from 1.7% to 4.8%.

With the recession in 2008-2009, Japan’s current account to GDP measure declined to a low of 1.6% in 2009 Q1 but quickly recovered to a local high of 4.1% in 2010 Q4.

Over the next 13 quarters (2011 Q4 to 2014 Q1), Japan’s current account to GDP measure declines 4.8 points to -0.7%.

Over the next 14 quarters (2014 Q1 to 2017 Q3), Japan’s current account to GDP measure recovered to a new local high of 4.6% in 2017 Q3.

In the period to 2019 Q2, Japan’s current account to GDP measure has declined 1.1 points to 3.5%.

 

 Report | Press Release | Balance of Payments

Based on Table 6s-a-2 Current Account (seasonally adjusted), Monthly

OECD BOP as a % of GDP



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