Japan records current account surplus for 25th consecutive month in July

Japan logged in a current account surplus for the 25th straight month in a row in July, largely due to the yen’s appreciation amid lower costs of crude oil imports.

Japan’s current account surplus expanded 0.8 percent from a year earlier, standing at 1.94 trillion yen (USD19.08 billion) in the reporting month, data released by the Ministry of Finance showed Thursday.

Goods trade posted a surplus of 613.9 billion yen from a year earlier and exports and imports retreated 15.7 percent and 26 percent respectively from a year earlier, the data showed.

Crude imports' value declined in the reporting period, the ministry also said, falling 42.7 percent, as global oil prices slid. Natural gas imports here were also down more than 43 percent, the government's report showed.

In addition, Japan's earnings from foreign investments decreased 23.6 percent to 1.69 trillion yen due to the yen's strength, which dragged down the surplus in the primary income account, added the ministry report. Meanwhile, exports declined 15.7 percent on year in July, while imports tumbled 26.0 percent.