Japan's current account surplus declined 13% in October from a year earlier to ¥2.46 trillion, partly because the services trade balance slipped into the red, a preliminary Finance Ministry report showed Monday.
The current account balance, the broadest measure of a country's international trade and investment flows, was in the black for 21 consecutive months.
The services trade deficit stood at ¥159 billion, against a surplus of ¥449.4 billion a year before, as net intellectual property fee revenue shrank after the chemical and pharmaceutical sector received massive royalties in October 2023.
Meanwhile, the travel balance logged the largest October surplus of ¥508.7 billion, thanks to an increase in inbound visitors.
The country's trade deficit decreased to ¥155.7 billion from the year-before level of ¥487.4 billion.
Exports were up 2.9% at ¥9.37 trillion, backed by growth in shipments of semiconductor-manufacturing equipment and medical goods. Imports fell 0.7% to ¥9.52 trillion due to a decline of crude oil prices although purchases of products including computers went up.
The primary income surplus rose 1.8% to ¥3.25 billion, the largest for October, on the back of robust income from foreign securities investment.
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