The nation's customs-cleared trade surplus for the month of February grew 88.7 percent from the same month of last year, reaching 1.28 trillion yen, provisional figures released March 19 showed.
It was the 11th straight month in which the figure recorded a year-on-year increase, according to the Finance Ministry, and the largest monthly figure recorded since March 1995, when the surplus hit 1.29 trillion yen. Ministry officials noted that while solid economic performance in the United States and Europe served to boost exports, sluggish demand at home, coupled with the economic turmoil in Asia, led to a decrease in imports.
Both the nation's exports to and imports from other parts of Asia declined for the second consecutive month. "The trend of year-on-year increases in the surplus will probably remain unchanged for the time being, but we are sticking to our position that there will be no large rise in the medium to long term," one official said.
Overall exports for the month grew for the 31st straight month to come to 4.1 trillion yen, a rise of 2.7 percent compared with February 1997. Auto exports rose 18.7 percent in terms of value and 10.5 percent in terms of volume, while ship exports grew 33.2 percent.
Office equipment meanwhile saw exports slide 6.2 percent due to saturated demand, according to ministry officials. In contrast, total imports decreased for the second consecutive month, dropping 15 percent to 2.81 trillion yen.
On a regional basis, the trade surplus with the United States came to 539 billion yen, a rise of 32.9 percent from the same period last year. Exports to the U.S. grew 7.2 percent to 1.22 trillion yen, but imports registered a decline for the first time in three months, slumping 7 percent to 682.2 billion yen.
Exports within Asia fell 11.9 percent to 1.46 trillion yen while imports tumbled 17.3 percent to 970.7 billion yen, bringing the balance to a surplus of 490.8 billion yen.