The current account surplus rose to ¥2.16 trillion compared with ¥1.47 trillion a year ago as the trade surplus continued higher and the service account deficit narrowed, the Finance Ministry said.

The trade surplus grew 42.1 percent to ¥1.55 trillion, with exports rising 10.5 percent to ¥4.55 trillion while imports fell 0.9 percent to ¥3.01 trillion, the ministry said.

Strong Asian economies continued to drive Japanese exports. Asia-bound shipments were up 14.3 percent from a year earlier while exports to Europe advanced 7.6 percent.

Overall imports were down largely due to a fall in oil purchases, which were lower compared with a year earlier when prices rose sharply ahead of the Iraq war and after Tokyo Electric Power Co. shut down its nuclear power plants for inspections after a cover-up scandal, increasing thermal power generation.

The Japan Times Weekly: April 17, 2004
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