Cover Story

Japanese surplus is rocketing

INSIGHT

JAPAN'S trade surplus ballooned by more than 700% in May as exports to other Asian countries soared 15%, writes Ray Heath.

Exports rose by 8.8% while imports slipped for the tenth month, but there was a yearon-year rise from April's figures, raising hopes that the export recovery is feeding through to domestic demand.

The export boom was led by cars, hi-tech televisions and computer chips. The US remained Japan's biggest export market but other Asian nations provided the highest growth. The rapidly-growing importance of China as a key market was underlined by a 26% leap in the value of Japan's exports there.

Brisk economic growth in South Korea also fed demand for Japanese goods, and exports to that country rose 23%. Exports to Europe fell more than 2%, but sales to America rose 5.5%, as the weaker yen pumped up demand for consumer goods.

The figures are seen as evidence Japan is on track for a second quarter of growth, following the 5.7% annualised expansion in gross domestic product in the first quarter.

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Source: Evening Standard - London 2002-06-20

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