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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

November 12, 2019
JAPAN CURRENT ACCOUNT AND TRADE BALANCE, SEPTEMBER 2019

Current Account

  

In September 2019, Japan reported

  • Goods & services trade changed from a surplus in August (29 billion yen) to a deficit in September (70 billion yen)
  • Primary income surplus narrowed by 73 billion yen to 1,766 billion yen
  • Secondary income deficit widened by   64 billion yen to 211 billion yen
  • As a result, Current account surplus narrowed by 235 billion yen to 1,485 billion yen over August 2019.

 

 

Trade Balance

In September 2019, Japan 's

  • Export goods trade surplus narrowed by 82 billion yen to 6,270 billion yen
  • Import goods trade surplus widened by   41 billion yen to 6,341 billion yen
  • As a result, Net Goods trade changed from a surplus in August (52 billion yen) to a deficit in September (71 billion yen)
  • Net Services trade changed from a deficit in August (23 billion yen) to a surplus in September (1 billion yen)
  • As a result, Goods & services trade changed from a surplus in August (29 billion yen) to a deficit in September (70 billion yen).

 

 

 

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 (2010 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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