Japan Posts First Annual Trade Surplus Since Fukushima
Fakhir Rizvi Published January 25, 2017 | 08:40 AM
TOKYO, , (APP - UrduPoint / Pakistan Point News - 25th Jan, 2017 ) - Japan on Wednesday reported its first annual trade surplus since the 2011 Fukushima nuclear disaster sent the country's energy import bills soaring.
The government trade data showed imports in 2016 fell nearly 16 percent, mainly due to the falling cost of crude oil and liquified natural gas. That left Japan with a 4.07 trillion Yen ($35.8 billion) annual trade surplus last year, the first since 2010.
A quake-triggered tsunami swamped the Fukushima plant in 2011, sending some reactors into meltdown and setting off the worst nuclear accident in a generation. Japan's energy bill skyrocketed in the years after the disaster as the country turned to pricey fossil fuel alternatives.
Lower energy prices have helped take pressure off Japan's trade balance. The data on Wednesday also showed that exports rose in December for the first time in more than a year, as demand picked up for Japan-made auto parts and semiconductors.
Exports rose 5.4 percent, with an increase in shipments to the US, China and other Asian countries while overall December imports fell 2.
6 percent. "The first rise in export values in more than a year reflects a combination of soaring export volumes and the recent depreciation of the yen," Capital Economics said in a commentary.
"However, a weaker exchange rate tends to lift import prices by more than it boosts the yen-value of shipments, so the trade surplus has started to fall again." Japan had a December trade surplus of 641.4 billion yen, the fourth in a row and up from 150.8 billion yen in November.
The data offered some good news for the world's number three economy as Prime Minister Shinzo Abe tries to kickstart growth with a plan dubbed Abenomics. Last month, Japan released revised data that showed third-quarter GDP expanded by a weaker-than-expected 0.3 percent, partly due to slack corporate spending.
The tepid figures were lower than an initial estimate of 0.5 percent growth in the July-September period. Inflation and consumer spending have been weak, and firms have been reluctant to boost wages, dragging on Abe's plans to buoy Japan's once-booming economy.
Related Topics
Recent Stories
Pakistan, New Zealand to face off in 2nd T20I match at Rawalpindi today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 20 April 2024
Today Gold Rate in Pakistan 20 April 2024
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
More Stories From World
-
42 Neolithic sites found in NE China
25 seconds ago -
Scottish independence supporters seek to inject life into faltering campaign
10 minutes ago -
Georgia's youth dominates pro-Europe street protests
30 minutes ago -
Polyester staple fiber factory operational in Xinjiang
40 minutes ago -
China issues orange alert for rainstorms
40 minutes ago -
China's weekly coastal bulk freight index up
40 minutes ago
-
U.S. stocks end mixed as fear index rises
40 minutes ago -
Three injured after chemical plant fire in U.S. Houston
40 minutes ago -
China tests new freight train with heaviest load capacity
50 minutes ago -
AI a 'fundamental change in the news ecosystem': expert
1 hour ago -
AI's relentless rise gives journalists tough choices
2 hours ago -
Formula One: Chinese Grand Prix sprint race results
2 hours ago