News
Exports from Japan are projected to increase year on year in fiscal 2013 (April 2013-March 2014) thanks to the turnaround of the global economy, according to a Tokyo-based industry group of trading houses and relevant organizations.
Japan Foreign Trade Council, Inc. (JFTC) recently unveiled forecasts for Japan’s trade and current accounts for the next fiscal year, anticipating that outbound shipments from Japan will swell for the first time in three years.
Imports to Japan will grow minutely, underpinned by the recovery of the domestic economy, it said.
The council added that Japan’s current account surplus will improve for the first time in three years, but that the growth will only amount to approximately one-third of that achieved in fiscal 2010.
JFTC foresees that exports from Japan will rise 1% from a year earlier in volume on a customs-clearance basis.
In terms of value, they will hike 1.3% to \64.001 trillion, accomplishing a year-on-year improvement for the first time in three years.
Meanwhile, imports to Japan will climb 0.3% quantitatively, and the total value of imports will go up a slight 1.1% to \70.7901 trillion, representing an increase from a year earlier for the fourth straight fiscal year.
The council estimates that Japan will suffer a trade deficit of \5.732 trillion?although both exports and imports are forecast to grow?and a service account deficit of \2.56 trillion for a total of $8.292 trillion.
On the other hand, Japan’s income balance will remain in the black owing to the appreciation of the Japanese yen, enjoying a surplus of \14.681 trillion.
As such, the nation will boast a current account surplus for the first time in three years, which will total \5.307 trillion, but it will only be one-third of the growth gained in fiscal 2010.
