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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

May 13, 2020
JAPAN CURRENT ACCOUNT, TRADE BALANCE, MARCH 2020

Current Account

  

In March 2020, Japan reported

Goods & services trade changed from a surplus (506 billion yen) to a deficit (422 billion yen)

Primary income surplus narrowed by 517 billion yen to 1,472 billion yen

Secondary income deficit narrowed by 35 billion yen to 107 billion yen

As a result, Current account surplus narrowed by 1,410 billion yen to 942 billion yen over February 2020.

 

 

Trade Balance

In March 2020, Japan 's

  • Export goods trade decreased 632 billion yen to 5,758 billion yen over February 2020 and decreased 680.5 billion yen over March 2019.
  • Import goods trade increased 338 billion yen to 5,915 billion yen over February 2020 and decreased 573.3 billion yen over March 2019.
  • As a result, Net Goods trade changed from a surplus (813 billion yen) to a deficit (157 billion yen)
  • Net Services trade deficit narrowed by 42 billion yen to 265 billion yen
  • As a result, Goods & services trade  changed from a surplus (506 billion yen) to a deficit (422 billion yen) over February 2020.

 

 

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 Q1 to 2014 Q1), Japan's current account to GDP measure declined to a low of 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 3.5% in 2017 Q3.
  • In the period to 2019 Q4, Japan's current account to GDP measure has increased  to 3.8%.

 

 

REFERENCES

 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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