Japan’s current account surplus in February plunged 55.6% from a year earlier due to sharp falls in exports and returns on foreign investment, government data showed.
The surplus in the current account, the broadest measure of trade in goods and services, came to 1,116.9 billion yen (11 billion dollars), the finance ministry said.
The trade surplus dived 80.4% to 202.1 billion yen amid a global recession. Exports fell 50.4% to 3,310.0 billion yen while imports shrank 44.9% to 3,107.9 billion yen.
The surplus in the income account fell 34.1% to 1,104.5 billion yen as returns fell both from portfolio investment and direct investment such as building factories and acquiring companies.
Historically, Japan has run a large surplus in its current account thanks to brisk exports of cars, electronics and other goods.