Japan's merchandise trade surplus in 2000 shrank 12.5 percent from the previous year to 10.74 trillion yen, the second consecutive yearly decline, according to a preliminary report released Wednesday by the Finance Ministry.
The contraction in the trade surplus -- exports minus imports -- was primarily due to high oil prices throughout 2000, which increased the value of imports, a ministry official said. In 2000, crude oil prices averaged 19,285 yen per kiloliter, up from 12,124 yen in 1999, the official said.
Japan's economic recovery also contributed to expanding the value of imports, the official reckoned.