P.M. BRIEFING : Japan’s Surplus Drops 39.4%
Japan’s trade surplus plunged 39.4% to $4.66 billion in October from $7.68 billion a year earlier, the largest fall ever recorded, the Finance Ministry said today.
Booming demand for imports, weaker exports and a strong dollar were behind the data, economists said. They expected the total 1989 surplus to narrow markedly from last year.
“We should see a significant decline this year,” said Soichi Enkyo, an economist at Bank of Tokyo.
“These are made-to-order numbers and they get Japan off the hook for the GATT meeting this week,” said Ken Courtis, senior economist at DB Capital Markets Asia.
A meeting of the General Agreement on Tariffs and Trade starts in Tokyo Wednesday. The world trade body will discuss disputes including those arising from Japan’s large trade surplus.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
