Japan records the largest current account surplus of $163 billion
TOKYO, May 10 / WAM / Japan recorded its largest current account surplus of 25.34 trillion yen ($163 billion) in fiscal year 2023, thanks to record revenues from foreign investments and a sharp decline in the trade deficit due to strong exports of automobiles.
The recovery of the domestic tourism sector – according to a preliminary report issued by the Japanese Ministry of Finance – led to an increase in the sector’s surplus to its highest level, which helped strengthen the surplus of the last fiscal year, as the decline of the yen led to an increase in travel and shopping rates.
Total primary income, which reflects foreign investment returns, reached 35.53 trillion yen last year, an increase of 0.6 percent from the previous year, driven by the increase in foreign bond yields, which led to an increase in interest yields and a decline in the yen.
The trade deficit declined by about 80% to 3.57 trillion yen after exports increased by 2.1% to 101.87 trillion yen. Imports also declined by 10.3% to 105.44 trillion yen. The total current account surplus, which is one of the broader measures of international trade, also increased last year. About 2.8 times more than the previous year.
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