Japanese Trade Surplus Quadruples

Japan's trade surplus rose 364.2 percent in July compared with the same month last year, to $4.06 billion, the finance minister said Wednesday, but the news reflected more weakness than strength.

Japanese exports plunged by 36.5 percent in July from a year before to $51.6 billion, and its imports dropped even faster, by 40.8 percent, to $47.6 billion.

The finance ministry attributed the export declines to weak foreign demand for Japanese autos, electronic parts and semiconductors, and the decline in Japanese imports to increased prices for raw materials. Japan’s exports to the United States in July dropped 39.5 percent to $8.2 billion and its imports from the United States dropped 35 percent to $4.688 billion.

With the rest of Asia, Japan's exports dropped 29.9 percent to $28.8 billion, and its imports declined 31.7 percent to $21.3 billion.

Japan's trade surplus with the European Union plunged 72.1 percent to $1.11 billion. Exports tumbled 45.8 percent to $5.9 billion, and imports decreased 31 percent to $4.85 billion.

Contact Alan M. Field at afield@joc.com.