Japan's trade surplus drops in 1st half of 2005

Japan's customs-cleared trade surplus shrank 26.4 percent in the first half of 2005 from the same period of the previous year to 4,527 billion yen (40 billion US dollars), down for the second straight half-year period as high oil prices inflated the value of imports, the Finance Ministry said Thursday.

Imports grew 12.1 percent in the January-June period from a year earlier to 26,289 billion yen (235 billion dollars), the highest level since comparable data were made available in 1947, the ministry said in a preliminary report.

Exports rose 4.1 percent to 30,817 billion yen (275 billion dollars), the second highest on record, it said.

Imports of crude oil and oil-related products such as naphtha climbed 33.8 percent and 31.3 percent, respectively. Exports of steel and automobiles were up 27.5 percent and 5.8 percent, respectively.

The trade surplus with other Asian economies shrank 19.8 percent to 2,965 billion yen (26 billion dollars).

The trade deficit with China, excluding Hong Kong, widened 77.5 percent to 1,671 billion yen (15 billion dollars).

Japan's trade surplus with the United States expanded 9.7 percent to 3,605 billion yen (32 billion dollars).

The trade surplus with the 25-nation European Union contracted 10.5 percent to 1,508 billion yen (13 billion dollars).

Source: Xinhua