— See Separate Table For Details Of Individual Forecasts
TOKYO (MNI) – Japan’s trade surplus in February is expected to have
totaled about Y890.4 billion, up 37.6%% from a year earlier, following a
deficit in January, according to the median forecast of analysts
surveyed by Market News International.
The Ministry of Finance will release the data at 0850 JST on
Thursday, March 24 (2350 GMT Wednesday).
The trade balance in January posted a deficit of a revised Y475
billion, the first deficit in 22 months. It followed a surplus of
Y725.85 billion in December, which was up 33.8% from a year before.
The deficit was caused by a surge in imported energy prices and a
temporary slowdown in exports to China and other Asian economies.
Economists said the export slowdown in January was temporary, which
was caused by the Lunar New Year holidays in the region, adding that
both exports and imports are expected to have returned to normal in
February.
They forecast exports will show a 8.5% rise y/y, improving sharply
from +1.4% in January while imports will post a 4.3% gain, slowing from
revised +12.5%.
According to data released previously by the MOF, exports rose 8.6%
y/y in the first 20 days of February while imports fell 2.2% in the
same period.
The MOF said iron and steel, automobiles and metal processing
machinery boosted exports in the first 20 days of February, while slower
purchases of clothing, computers as well as scientific and optical
instruments lowered imports.
During the same period, prices of imported crude oil averaged $95.6
a barrel, up around 21% from the whole month of February 2010, posting
the highest level since $102.7 marked in October 2008.
skodama@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4838 **
[TOPICS: M$J$$$,M$A$$$,MAJDS$]
