Japan's current account surplus increases 25% in February due to lower oil prices

TOKYO (Kyodo) – Japan recorded a 25.3% increase in its current account surplus over the previous year in February, supported by an increased trade surplus due to lower crude oil prices, revealed government statistics Monday.

According to a preliminary report released by the Ministry of Finance, the current account, one of the biggest indicators of international trade, amounted to 2.68 billion yen ($ 24 billion), marking the 56th consecutive month of black ink.

Primary incomes, which reflect returns on investment abroad, were one of the main drivers of the current account surplus, registering 2.01 billion yen in the black.

Among the other key factors, the country recorded a trade surplus of 489.2 billion yen, thanks to the drop in crude oil prices and the recovery from the previous month by exports to China, the main partner. of Japan, before the Lunar New Year beginning in February 5

A ministry official who informed the reporters said that Japan's trade with China tended to be influenced by the Chinese New Year, before and during which Tokyo tended to refrain from exporting into the country. country.

The country's exports fell 1.9% to 6.31 billion yen in the month indicated, while imports fell 6.6% to 5.82 billion yen.

Trade in services, which includes freight and pbadenger transport, posted a surplus of 236.6 billion yen. Excess travel increased 6.6% to 227.4 billion yen as the number of foreign travelers to Japan rose 3.8% over the previous year to 2.6 million of people in the reference month.