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Japan sees trade surplus in June as imports drop 19 percent
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A man walks by an electronic stock board of a securities firm in Tokyo, on June 27, 2016. Japanese and Chinese stocks rose Monday but other Asian markets declined, crude prices fell further and U.S. shares appeared headed for a lower opening as jittery traders watched for more fallout from Britain's vote to exit the European Union. (Associated Press/Koji Sasahara)
J
apan reports it posted a better-than-expected trade surplus in June, as imports fell nearly 19 percent, outpacing a more modest decline in exports.
The customs data reported Monday showed a 692.8 billion yen ($6.5 billion) surplus, compared with a 60.9 billion yen deficit in June 2015.
Economists had forecasts larger declines for both imports and exports, which could suffer from the recent strengthening of the Japanese yen against the U.S. dollar.
(Read also: Economy, security key issues as Japan votes for upper house)
Japan's exports to the U.S., its biggest overseas market, fell 6.5 percent in June from a year earlier, while exports to China, its largest trading partner, dropped 10 percent.
Shipments of vehicles, chemicals, and machinery fell year-on-year. At the same time, imports of oil, coal, and gas dropped by over a third in value, in part reflecting lower prices. (ags)
