Japan's July trade surplus drops 86.6 percent

0 Comments | AFP, August, 2008

TOKYO (AFP) — Japan's trade surplus in July fell 86.6 percent to 91.1 billion yen (830 million dollars) from a year ago, the finance ministry said Thursday, as high oil prices drove up the cost of energy imports.

It marked the fifth straight month of decline for the trade surplus, as the value of imports rose 18.2 percent to 7.54 trillion yen, outpacing exports which rose 8.1 percent to 7.63 trillion yen.

The data came after the ministry reported a month ago that exports in June dropped for the first time in more than four years, as the world's second largest economy was hit by the global financial crisis and high energy costs.

By regions, July exports to the rest of Asia gained 12.7 percent to a new record high of 3.86 trillion yen.

Asia-bound...