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For additional information relating to this article, please contact:

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

December 10, 2019
JAPAN CURRENT ACCOUNT AND TRADE BALANCE, OCTOBER 2019

Current Account

  

In October 2019, Japan reported

• Goods & services trade surplus changed from a deficit (70 billion yen) to a surplus (302 billion yen)
• Primary income surplus narrowed by 228 billion yen to 1,539 billion yen
• Secondary income deficit narrowed by 103 billion yen to 108 billion yen
• As a result, Current account surplus widened by   247 billion yen to 1,732 billion yen over September 2019.

 

 

Trade Balance

In October 2019, Japan 's

• Export goods trade surplus widened by 140 billion yen to 6,409 billion yen
• Import goods trade surplus narrowed by 151 billion yen to 6,190 billion yen
• As a result, Net Goods trade surplus changed from a deficit (71 billion yen) to a surplus (219 billion yen)
• Net Services trade surplus widened by 81 billion yen to 83 billion yen
• As a result, Goods & services trade surplus changed from a deficit (70 billion yen) to a surplus (302 billion yen) over September 2019.

 

 

In October 2019, Japan 's

• Export goods trade surplus widened by   140 billion yen to 6,409 billion yen
• Import goods trade surplus narrowed by 151 billion yen to 6,190 billion yen
• As a result, Net Goods trade surplus changed from a deficit (71 billion yen) to a surplus (219 billion yen)
• Net Services trade surplus widened by   81 billion yen to 83 billion yen
• As a result, Goods & services trade surplus changed from a deficit (70 billion yen) to a surplus (302 billion yen) over September 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 size 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 3.9 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 3.56% in 2017 Q3.
• In the period to 2019 Q3, Japan's current account to GDP measure has declined 0.7 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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